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Tel: 020 7561 1786 (Multilingual advisors available)  •  Fax: 020 7272 8192  •  Email: info@credit-union.coop

Wed 16-Aug-2017
NewsGuide for councils to back credit unions
Print
23 September 2016
Guide for councils to back credit unions

A new guide has been launched to show councils how to support the growth of credit unions – and London Capital Credit Union’s partnership with Haringey Council is leading the way!

The new guide, published jointly by the Co-operative Party and the Association of British Credit Unions Ltd (ABCUL), sets out practical ways in which local councils can support the strengthening and expansion of credit unions in their local area.

The guide features examples of best practice including:

  • providing payroll deduction facilities to council staff, making it easier for them to save and repay loans
  • working in local schools to encourage financial literacy and good saving habits
  • helping local residents adapt to paying their rent under Universal Credit by providing rent guarantees to local social landlords
  • support from local councils through the use of deferred shares or changes in procurement procedures.


The guide has been produced in response to concern among local councillors about people taking on unsustainable levels of debt through the use of high cost lenders, as well as wanting to help people deal with changes to their benefits and tax credits.

Martin Groombridge, Chief Executive of London Capital Credit Union, said: “At our credit union, we have recognised for some time the benefits of working closely with councils to provide affordable loans and safe savings to local people, keeping them out of the clutches of loan sharks and payday lenders.

“We have worked with Haringey Council, for example, for a number of years, and our pioneering partnership is one of the examples mentioned in this new guide to demonstrate the benefits that can result from credit unions and councils working together.”

Cabinet Member at Haringey Council Cllr Joe Goldberg said: “We hope this guide will be useful to councillors who want to know how they can support their local credit union. In Haringey we have helped our credit union grow as a viable alternative in the marketplace by offering a subordinated loan. We also worked with them to ensure every secondary school starter in Haringey was offered a free £20 credit union account.”

Download the guide here.


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