Credit Unions
We want to help market and develop credit unions, and increase the number of members in Scotland. Our Review of Outcomes for the Unlocking the Potential action plan shows, among other things, credit union memberships as at September 2004. These figures show that we are well on the way to achieving the 5 per cent membership target by end of 2005.
In support of the Scottish Credit Union Movement we have:
- Provided funding through the highly successful Capacity Fund. This has been replaced, as of April 2006, by the Assistance Fund.
- Provided free healthchecks and business planning to credit unions who want them to build their sustainability.
- Provided free compliance training to enable credit unions to meet the Financial Service Authorities regulations.
- Created the SGEI scheme, enabling credit unions to receive extra funding for specific financial inclusion activities.