Scottish Credit Union Capacity Fund
The Partnership Agreement confirms the Scottish Executive's commitment to supporting the development of credit unions as a means of tackling financial exclusion. We aim to ensure that everyone in Scotland has access to at least the most basic financial products. That is why we are committed to supporting the growth of the Scottish Credit Union movement.
The £1.1million Scottish Credit Union Capacity Fund was launched by the Deputy Minister for Communities on September 3, 2003 . The fund was intended to help those credit unions with the greatest potential to meet our financial inclusion agenda, and to assist them in taking the next steps in their development.
Since it was launched, the Capacity Fund has provided assistance to over 35 credit unions and has helped them to:
- Increase their membership
- Raise their profile in communities - for example by securing high street premises
- Expand the services they offer - to include financial service such as money and budgeting advice or schemes targeting young people to encourage healthy ways of spending and saving
- Expand their capacity - for example by employing staff, carrying out marketing, increasing their common bond
The deadline for applications to the Capacity Fund has now passed. From April 2006 the Capacity Fund will be replaced by the Assistance Fund.
A list of Credit Unions who have received an award from the Capacity Fund is available online.