Barrhead credit union plans get green light

Plans to open a new credit union in Barrhead to help people save and borrow money have taken a major step forward this week.

- EXPRESS REPORTER

East Renfrewshire Council's cabinet has agreed to invest up to £200,000 in the development of a credit union - a not-for-profit savings co-operative where members pool money to provide each other with credit at a low interest rate.

It is seen as a vital proposal following the closure of the last bank in Barrhead, and was mooted by council leader Owen O'Donnell during his budget speech earlier this year.

Pollok Credit Union is set to partner with the council to run the service which was approved at a cabinet meeting on Thursday.

Councillors approved proposals which will see council officials work in partnership with Pollok Credit Union Ltd and other community planning partners to get the initiative off the ground.