Boost for Credit Union
June 22, 2005 2:39 PM
York Credit Union will get a £25,000 boost next Tuesday when Council Leader Steve Galloway will propose that a further Council grant is given to the organisation.
The Union - which is being set up to fight poverty in the City - had originally sought financial support during the annual grant allocation process, but the application had been deferred because of the Councils difficult financial position.
An assurance was given that, if there was an underspend on the 04/05 budget, then the grant application would be revisited.
A report to the Councils Executive next Tuesday reveals that the Council has underspent its £158 million budget, by around £100,000 opening the way for the application to be re-considered.
Steve Galloway said "Officers of the Council and Executive members have been very prudent in the way that they have managed the Councils 05/06 budget.
The full contingency provision has not been needed and we are now in the position to reconsider this application from an organisation which we believe could make a lasting impact on poverty in the City.
I am pleased therefore to confirm that the Council will be providing additional funding to help with the setting up of the York Credit Union".
It is expected that the Credit Union will become self funding after 4 years of operation. The Union offers cheap finance arrangements to those who otherwise would have to pay interest rates of as much as 10 times the CU rate. ENDS
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