A new life for NewCred?

24 Sep

From the mid-year budget review, due to be considered at next week’s council meeting:

The local credit union NewCred provides loan and banking facilities to Newham residents and staff. The organisation is in negotiations with another Credit Union – London Community Credit Union (LCCU) – about a Transfer of Engagements. In effect this would mean that NewCred would become a branch of LCCU. LCCU’s common bond area already covers Newham and they offer services to Newham residents but do not have a physical base in the borough.

This report asks Council as part of its budget strategy to delegate to cabinet the decision to make a loan ofup to £600k to LCCU [to] enable it take on this transfer of engagement, provided satisfactory terms can be agreed with the Council. This provision would only apply in the event that a transfer of engagements occurred.

Interesting.

With the scale offered by being part of the larger LCCU, could NewCred be a partner in the mayor’s proposed MoneyWorks project? 

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