Many positives… Tried and tested model Weathered the storm
{"Image DocumentName": "Many positives\u2026 Tried and tested model Weathered the storm", "Image ImageDescription": "Fairer returns. Local identity. CDFI alternative: Many Scottish housing associations are quite taken with the CDFI silver bullet to tackle financial exclusion and the use of high cost credit. A few notes below which might be handy in case anyone brings it up: Scotcash (based in Glasgow) is the only personal lending CDFI in Scotland. It opened in 2007, mainly because of the reluctance at that time of CUs in Glasgow to deliver the Growth Fund. Funding came from Glasgow City Council, Glasgow Housing Association, Scottish Government and DWP, with RBS providing the back office and supplying basic bank accounts where required. In 2010/11, Scotcash made 1291 loans worth \u00a3739,000. They received capital funding grants that year worth \u00a3568,860, allowing them to report a profit of \u00a3554,404. They now charge 98.31% APR for a loan of \u00a3400 over 31 weeks - costing the consumer \u00a384.97 in interest over 7 months. Our approach is to recognise that many of the criticisms of CUs 6 or 7 years ago - that they wouldn t lend until you had saved for several months, that they would decline loan applications from the poorest people most vulnerable to high cost lenders, etc - were fair, which is why CUs addressed those issues themselves. CUs established a great record of delivering instant loans to financially excluded people through the Growth Fund - including Pollok, Drumchapel and Parkhead CUs in Glasgow. Encouraging saving is a crucial element of financial inclusion. CUs can do this in a way CDFIs can t. Our time?", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}