£1m loan to help credit unions

TWO of Scotland’s largest credit unions have received a £1 million loan from the Scottish Government to introduce a joint account management IT system that will help them cope with their recent expansion.

The Scotwest Credit Union in Glasgow and Edinburgh’s Capital Credit Union received the cash through the Scottish Investment Fund, managed by Social Investment Scotland.

Finance secretary John Swinney said: “Credit unions are an asset to local communities. They provide affordable credit and help develop strong community ties.”