Scottish Credit Union Assistance Fund
The Fund is open to new applications for financial year 2007/2008.
The Assistance Fund is now open to applications for the financial year 2007/2008, for further information on Credit Union funding schemes please contact us at:
creditunions@communitiesscotland.gsi.gov.uk
Introduction
The Scottish Credit Union Assistance Fund provides small grants for expenses out with the scope of the Scottish Credit Union (SGEI) approval scheme such as purchase and upgrade of IT or marketing expenses.
The fund may be used for capacity building or capital expenses, development work or specifically to enable compliance with Financial Services Authority (FSA) requirements and conditions.
The Fund operates within the European Commission (EC) state aid de minimis limits (no more than 100,000 euros of public funding over a three year fiscal period).
This fund replaces the Scottish Credit Union Capacity Fund.
Awards from the Fund
£200,000 (£100,000 per annum) is available to credit unions during financial years 2006-07 and 2007-08.
An eligible credit union may receive one or more awards from the Fund up to a total of £10,000. A separate application will be required for each award.
Purpose of Funding and eligible costs
Capacity building or capital expenses such as
• Premises
• Refurbishment
• IT equipment and upgrades
• Marketing
• Furniture and equipment
• Staff costs
• Service improvements
Development work such as:
• Volunteer and staff training
• Member surveys
• Work in schools
• Consultancy support for business planning
Support to enable compliance with FSA requirements and conditions, which may include consultancy support.
The Fund will not support:
• Study groups
• Feasibility studies
• Credit Union networks
• Trade associations
• Providing audited accounts
• Bad debt provision
• Boosting a Credit Union's reserves
• Payment of dividend to members
How to apply
To apply to the fund read the Scottish Executive Credit Union Assistance Fund Guidance and complete
• application form using the guidance notes and checklist
Applicants must be established Scottish Credit Unions. Where Credit Unions are not currently complying with all relevant FSA requirements, the support from the Fund will only be available for measures to enable the Credit Union to achieve full compliance.
Communities Scotland will normally reach a decision on an application within two months of receiving it. Awards will be paid in a single payment, one per successful application.
Applicants can submit an electronic version of the completed application to
creditunions@communitiesscotland.gsi.gov.uk
Applicants must also post a signed hard copy of the application with supporting documentation to:
Social Economy Unit,
Communities Scotland,
Thistle House,
91 Haymarket Terrace,
Edinburgh, EH12 5HE
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