Worthing Borough Council is becoming a corporate member of the West Sussex Credit Union (WSCU), directly helping to lift local families out of unmanageable debt and increasing choice in the local ethical savings market.
This move together with Adur District Council means they are the first authorities in West Sussex to become corporate members, as well as being in a vanguard of ‘civic social entrepreneur’ local authorities across the country who invest their money in new ways to directly benefit local communities.
Both Adur District and Worthing Borough Councils are to invest £25,000 each in the WSCU, while Adur Homes is to invest a further £25,000 which will be ring-fenced for the sole use of its clients.
Leader of Worthing Borough Council Paul Yallop said: “I am delighted that we’ve become corporate members of the Credit Union. Debt and financial worries take a huge toll on affected individuals, directly affecting their quality of life.”
“The Credit Union not only offers ethical loans, but also a substantial amount of education around all aspects of money management, increasing the amount of information available around avoiding debt and competitive lending options.”
Ray Mason, Chief Executive of the West Sussex Credit Union, says: “This investment from Adur & Worthing Councils, as well as Adur Homes, will make a dramatic difference to the number of people we’re able to help.”
“While the Credit Union concept seems new, it is well established, tried and tested, with many successful Unions operating all over the UK. We all feel passionate about helping individuals struggling with their finances to climb on top of the issue, and providing a way for local investment to directly benefit local people.”
The Councils will be working closely with the Credit Union over the coming months to deliver the most mutual benefit from the corporate membership.
For more information about the Union, please visit the West Sussex Credit Union website