Credit Union to Branch out across the Lothians
Thu 18th Mar 2010
A community-based credit union is extending its low cost loans and savings scheme to almost 50,000 people.
Craigmillar Credit Union has increased the area it covers to include Duddingston, Portobello, Craigentinny, Willowbrae and Restalrig.
The non-profit organisation, which was started in 1995, has opened a new collection point in Portobello for a two-month trial.
People who lives or work in the area are eligible to join.
Volunteers who run the credit union want to double its membership over the next three years.
The CCU also gives free life insurance to members so that, in the event of death, their loans would be cleared and their family could be eligible to receive a payment of up to twice the value of the savings.
 |
 Joining and supporting our own credit union is a powerful way for individuals to invest in our community and neighbourhoods  Maureen Child Councillor |
CCU development officer Margaret Evans said: "We aim to help people manage their money more carefully and we hope, by our activities, to benefit the local community.
"We always seek to lend responsibly. Our interest rates are very competitive, even on relatively small loans.
"The maximum you can borrow is linked to your savings and we never want people to borrow too much and be unable to pay it off."
Councillor Maureen Child, who ward covers Craigmillar and Portobello, said: "Joining and supporting our own credit union is a powerful way for individuals to invest in our community and neighbourhoods, working together for the common good.
"We help ourselves and our families to save in the good times. Then each of us have the security of knowing we have a buffer of an affordable loan, when and if we need it."
George Foulkes MSP lodged a motion in the Scottish Parliament to highlight this progress and to gather support for what he feels is a valuable financial service for communities in Edinburgh and beyond.
S3M-05966 George Foulkes (Lab): Credit Union to Branch out across the Lothians: That the Parliament welcomes the news that Craigmillar Credit Union is extending its low-cost loans and savings scheme to almost 50,000 people by including the Duddingston, Portobello, Craigentinny, Willowbrae and Restalrig areas; supports the volunteers who run the credit union in their objective to double its membership over the next three years; wishes the two-month trial of a new collection point in Portobello every success, and continues to offer support to what it sees as an ethical alternative to mainstream banking that more and more people are choosing to invest in.
He said: "the credit union offered "non-exploitative, competitive financial services to people from all walks of life, regardless of social status and economic background".
Tags: .
Accessibility | Privacy | Site map
The costs of this website have been met out of parliamentary resources
© George Foulkes MSP