Purpose

Cash Box Credit Union was established in 2004 and is a trusted organisation whose main aim is to provide access to affordable and ethical financial services for people most at risk of being financially disadvantaged.

It is a not-for-profit, financial co-operative, a form of community bank, providing fair and affordable financial services to support people and communities in Tameside and Glossop.

The current focus of Cash Box is future growth, and in so doing reach out to more financially vulnerable people. Looking forward it has the legitimacy and experience to play an important role in dealing with the challenges that face an increasing number of people and families across Tameside and Glossop.

The report provided details of Cash Box’s current trading position and new initiatives aimed at encouraging more people and local businesses to use the credit union.

Decision

RESOLVED

(i)                 That the report and performance of the Cash Box Credit Union be noted.

(ii)               An annual report on the performance of the Credit Union be scheduled for Executive Cabinet.

(iii)             To continue providing transitional support from the council’s IT service to assist Cash Box in their move to a more self-sufficient and independent IT environment.