Scottish Government Support for Credit Unions
The Scottish Government has provided small grants to help credit unions undertake a range of activities such as;
- increasing their membership
- raising their profile in communities, for example by securing high street premises
- expanding the services they offer - to include financial services such as money and budgeting advice or schemes targeting young people to encourage healthy ways of spending and saving, and
- expanding their capacity - for example by employing staff, carrying out marketing, increasing their common bond
through the Capacity Fund (2003-2006) and the Assistance Fund (2006-2008).
The Scottish Government also developed the Service of General Economic Interest Approval Scheme for Credit Unions which enabled them to receive compensation for providing specific financial inclusion activities from a range of funders. The Scottish Government funded 9 credit unions and a further 6 were funded by their local authority.