Decision details

Great Western Credit Union (GWCU - previously known as Bristol Credit Union) further investment from Fair4All funding

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

To seek approval on the proposal by WGCU to accept the investment from Fair4All funding to support providing more loans to those in deprived areas from high cost lenders.

Decision:

Cabinet:

1.      Approved the Investment of £1.5m from Fair4All Funding.

2.      Authorised the Director of Finance and Director of Legal in consultation with the Deputy Mayor - Finance, Governance and Performance to review and approve (subject to the necessary due diligence being carried out) the £1m external match funding investment into GWCU.

3.      Approved the proposed merger of the GWCU and SVCU in principle subject to satisfactory due diligence being undertaken.

4.      Authorised the Director of Finance in consultation with the Deputy Mayor and Cabinet member for Finance, Governance, Property and Culture, to take all steps required to implement the merger subject to subject to satisfactory due diligence being undertaken.

Report author: Denise Murray

Publication date: 05/04/2022

Date of decision: 05/04/2022

Decided at meeting: 05/04/2022 - Cabinet

Accompanying Documents: