Issue - meetings

This report proposes to invest £15,000 from the emergency grants fund in the Boom Credit Union by way of purchasing deferred shares.

Recommendation

It is recommended that Waverley invests £15,000 from the emergency grants fund in the Boom Credit Union by way of purchasing deferred shares.

6.1     The Executive was pleased to continue Waverley’s support of the credit union, which provided a vital alternative to Payday and other high interest loans for those who may have been denied credit or are financially excluded from High Street banks. 19% of Boom’s lending was within the Borough of Waverley and 14% of loan applications were from Waverley residents, which highlighted the need for inclusive financial services.

The Executive RESOLVED to invest £15,000 from the emergency grants fund in the Boom Credit Union by way of purchasing deferred shares.

[Reason: to demonstrate the Council’s ongoing commitment to Boom Credit Union and to recognise the support it provides to Waverley’s residents.]