We're delighted to announce that Fife Council has approved funding for FVA to provide capacity building and development support for Fife's credit unions.
FVA will work with Fife Council, Fife's credit unions and key stakeholders, to make best use of this investment in our local credit unions. There's funding for FVA to co-ordinate and deliver support, and dedicated funding for ICT development, marketing and innovation, totalling just over £180,000.
This announcement follows hot on the heels of the Council's plans to set up a CDFI (community development financial institution) in Fife - which was a recommendation in the Fairer Fife report (recommendation 18). CDFIs are dedicated to delivering responsible, affordable lending to help low-income, low-wealth, and other disadvantaged people and communities to access credit.
CDFIs work well alongside credit unions, typically offering complementary services and helping to ensure more people can access lowest cost credit and advice and information on saving, budgeting and more. Plans to set up a CDFI in Fife are at an advanced stage, so we hope to be able to pass on information on this very soon.
Another recommendation (number 21) in the Fairer Fife report is about employers encouraging their employees to join credit unions, so this investment in credit union development is a further commitment to the delivery of the Fairer Fife recommendations.
We'll publish more information on our website in the coming weeks.
In the meantime, if you're interested in finding out more about credit unions in Fife, including how to encourage your staff, volunteers or service user to join a credit union then please get in touch with us on 0800 389 6046 or e-mail [email protected].