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. Continue reading Financial inclusion provider Scotcash opens in Leith
New financial services company opens on Leith Walk
Award-winning Community Development Finance Institution Scotcash to expand into Edinburgh
Glasgow based social enterprise Scotcash are to make their award-winning inclusive and ethical financial services available to people in Edinburgh for the first time.
With support from Oak Foundation and The Virgin Money Foundation, Scotcash will open a new branch in Edinburgh later this year.
Since opening in 2007, Scotcash has been tackling financial and social exclusion in Glasgow by targeting and working with people who face barriers to mainstream financial services.
As well as offering affordable loans, Scotcash helps their customers to set up basic bank accounts, connect with local credit unions to begin savings accounts, and referrals for vital money advice.
Nancy Doyle, Executive Director of Virgin Money Foundation said: “Tackling the root causes of disadvantage is key to regenerating communities across the UK. Our new fund aims to enable activity that can have a positive ripple effect beyond its immediate context and help community hubs to flourish, learn from one another and export best practice.”
Sharon MacPherson, Chief Executive, Scotcash said: “We are delighted to be awarded funding. This will go a long way towards helping financially excluded citizens in Edinburgh access the financial products and services they need. We know that many people with low incomes pay much more than better off families because they can’t access banking, affordable credit or savings. This award will allow Scotcash to expand our already successful services to Edinburgh and promote financial inclusion across local areas where these services are needed most.”
A further expansion of Scotcash services is also planned for Inverclyde in the future as part of a separate project.
Since its launch 10 years ago, Scotcash has retained over £5m in the community through like for like customers savings on interest and has been recognised with accolades from the Guardian, COSLA, and the Giordano Dell’Amore Microfinance Good Practices Europe Award.
