Community Interest Company Scotcash works to provide affordable credit, financial support and guidance to tackle financial exclusion across Scotland. The company has recently opened a new office on Leith Walk.
Launched in 2007, Scotcash has been tackling financial and social exclusion for over a decade, and has done so by targeting and working with people living in poverty who face barriers to the financial services that most take for granted.
As well as affordable loans and basic bank accounts, the social enterprise offers financial advice, discounted household goods packages, and access to credit unions.
Supported by the Virgin Money Foundation and the Oak Foundation, Scotcash will provide 10,000 affordable loans over the next five years, resulting in savings to customers of £1.7m in interest charges compared to expensive lenders.
Sharon MacPherson, Chief Executive at Scotcash said: “We are delighted to be awarded funding from Virgin Money Foundation. This will go a long way towards helping financially excluded citizens in Edinburgh access the financial products and services they need to make the most of their money.
“This award has allowed Scotcash to expand our already successful services to Edinburgh, and promote financial inclusion across local areas where these services and products are needed most.”
Nancy Doyle, Executive Director of Virgin Money Foundation, added: “Tackling the root causes of disadvantage is key in the goal of regenerating communities across the UK. Financial exclusion is one such issue that holds people back, keeping them in a cycle of poverty.
“Scotcash have proved over the last decade that they can help people gain control of their finances. We are excited to see the sphere of their impact ripple out into Edinburgh and are proud to be supporting their new initiative.”
The new office on Leith Walk, Edinburgh is now open. To find out more visit www.scotcash.net or call 0131 553 7951.
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