We have just secured the final tranche of funding to undertake a vital project to reassess the role of credit unions in the community, and develop a bespoke tool for credit unions to measure their social impact. In Britain, credit unions are the main providers of finance to low income communities and financially vulnerable communities, but some have suggested that in the drive to professionalise and modernise, credit unions may have lost their community focus. Our hypothesis is that this is not the case.
We’ll be working with social impact experts Niamh Goggin and Pat McGinn of the Small Change consultancy. This issue was highlighted as a priority by a number of CFCFE members at our meeting in January, so we’re delighted we are able to pick this up.