It has been decided that the Borough of Redbridge will set up a Credit Union.
Credit Unions are financial cooperatives whose members’ savings provide the funds for loans. Each CU has a ‘common bond’ which determines who can join it. This bond often takes the form of its members living or working in a particular area, and many other London Boroughs have their own CUs.
Councillors have been pressing for some time for a CU to be set up in Redbridge, to provide an accessible and fair alternative to loan sharks. It has now been agreed that a suitable organisation should be commissioned to deliver a CU service throughout Redbridge, and that £50,000 be allocated from the Council’s reserves to act as start-up funding. We hope to get the local CU up and running more quickly, by working with an existing provider willing to extend their offer to Redbridge.
Lib Dems have supported this move for a long time; as Cabinet Member for Resources, Cllr Ian Bond produced the initial report to the Council Committee setting out the options for having a CU in Redbridge, which was supported by LibDem councillors including Gwyneth Deakins from the beginning. We are delighted that a big step has been taken towards making it happen.