Scotcash is awarded £1million from the Big Lottery Fund
Scotcash has been awarded a grant of £1million of National Lottery funding to expand their affordable credit and financial inclusion service across the city.
Since 2007, Scotcash has helped customers open over 1800 basic bank accounts, provided almost 8,000 affordable loans and helped 400 individuals to save for the future. Building on this success, Scotcash's 'Financial inclusion in the community' project will offer access to basic bank accounts, affordable credit, fuel advice, discounted white goods and financial advice to customers in Glasgow, offering them an alternative to expensive doorstep and high street lenders along with practical help and advice on how to successfully manage their finances. This new funding will allow the service to be delivered from more locations across the city, reaching out in to local communities and supporting an additional 4,500 people in Glasgow in the next four years.
Welcoming the award, Scotcash’s Chief Executive Officer Sharon MacPherson said:
This funding will go a long way towards helping our financially excluded citizens access the financial products and services they need to make the most of their money. We know that many people in Glasgow pay much more than better off families because they can’t access banking, affordable credit or savings. This award from the Big Lottery Fund will allow Scotcash to deliver and promote financial inclusion across local areas where these services and products are needed most.
The project has been funded through the Big Lottery Fund’s Investing in Communities programme, and will benefit some of the most vulnerable individuals and families across Glasgow. Taking services to local communities and ensuring they can open a bank account, get more affordable credit and overcome the barriers to financial exclusion is the overarching aim of the project. The project will develop new outreach services in the east, west and south of the city, and enhance existing work in north Glasgow with ng homes, the first housing association in the city to partner with and provide Scotcash with a base in their communities.
Jackie Killeen, the Big Lottery fund’s Director for Scotland said:
The Big Lottery Fund is committed to supporting individuals and communities most in need, and this million pound award to Scotcash does just that. We’re delighted that with Lottery support this project will extend its reach across Glasgow helping even more people to improve their financial prospects and break the cycle of damaging and expensive sub-prime lending. In these tough times for Scotland’s communities projects like this help build a better financial future for those most in need.
Scotcash work with a range of partners in Glasgow. Vincent Chudy, Manager of Glasgow (Central) Citizens’ Advice Bureau says:
We are delighted to work with Scotcash in helping to alleviate the spiraling problem of multiple debt by providing appropriate advice, representation and early intervention where possible to avoid the risk of debt problems escalating.
Glasgow City Council City Treasurer, Councillor Paul Rooney, also welcomed the award. He said:
Scotcash can be a real lifeline for people suffering hardship and wrestling with debts or arrears. It not only provides an alternative to predatory lenders; but the long-term support and advice that customers need to get back on their feet.
That support can have a hugely positive impact on someone’s life, their family and even their health and wellbeing. This award will help Scotcash build its presence in our communities – allowing it to reach more of the people who need its help.
John Grant, Board member Glasgow Housing Association, added:
The UK Government's welfare reforms mean it's more important than ever before that there's free, expert financial advice and support available for the most vulnerable families who have nowhere else to turn.
Scotcash provides a ladder out of poverty for families who would otherwise continue using expensive doorstep lenders because they are unable to access high-street loans or bank services.