Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Scotland launches new CU fund
EDINBURGH, Scotland (1/15/09)--Scotland has launched a new fund designated specifically for credit unions, to help them grow and withstand the global economic downturn. The new Third Sector Enterprise Fund of US$366,800 will offer grants of up to $36,680 to help credit unions build capacity and become more sustainable organizations, according to Finance Secretary John Swinney, a member of the Scottish Cabinet. He noted that third sector organizations, including credit unions, face challenges in the economy. “The Scottish Government highly values the contribution the sector can make to creating a wealthier and fairer country--which is why we increased funding by 37% and recently launched the Third Sector Enterprise Fund,” Swinney said. “In these unstable economic times, with other sources of borrowing harder than ever to obtain, the credit union movement offers a refreshing, human scale alternative source of finance, “ said Patrick Harvie, a member of the Scottish Parliament. “This new funding will be a very welcome boost for Scotland’s credit unions, which could be a key part of a truly diverse and sustainable banking system, instead of the UK Government’s vision of a world dominated by a handful of megabanks.” Scotland has about 120 credit unions serving about 200,000 members. They are eligible to apply for government support from the fund or from the Scottish Investment Fund. However, the government decided to dedicate a $366,800 Third Sector Credit Union Fund to help them reach their potential. The fund expects to make about 20 grants over the 2008-2011 period.


RSS print
News Now LiveWire
For the last 75 years, even in the most difficult of times, Mill Town #CU has been there for the community it serves. Read #NewsNow Tues.
10 hours ago
The 1st vid shows how consumer can become victim and, advice to those who think they've been targeted. http://t.co/hr9VHpzEze
14 hours ago
.@TheNCUA has released two videos designed to raise awareness of elder financial abuse. http://t.co/iddSxr7H40
14 hours ago
Celebrate #100MM with @MDDCCUA1 at Orioles v Blue Jays tonight at Camden Yards
15 hours ago
The At Home In Lawrence mortgage program from @MetroCU is designed to help revitalize Lawrence, Mass.
15 hours ago