East Sussex Credit Union publishes Social Impact Report

ESCU has released its Social Impact Report highlighting the vital work the credit union does across East Sussex and Brighton & Hove to combat financial exclusion and educate people about the dangers of using loan sharks and high interest payday lenders

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The report can be found here: https://www.eastsussexcu.org.uk/socialimpactreport

The report highlights the work ESCU does in the community including the award-winning scheme that has helped over 200 street homeless in the county access basic bank accounts so they can enter the benefits system. It also highlights the Deposit Guarantee Scheme run in partnership with Brighton & Hove City Council which has helped over 800 people access private rented accommodation with the council guaranteeing the rent deposit to the landlord initially while the tenant saves the deposit with the credit union.

The Chorus Workplace Savings Scheme has grown by 20% in the last year and is run in conjunction with many employer partners in the county offering workers the opportunity to save and repay loans with the credit union straight from their wages.

The credit union has over 8700 members lending £1.7 million last year. 23% of these loans are to people living in areas of multiple deprivation and 38% are to lone parents with children. The credit union works to help people access affordable credit and many of these borrowers would not be able to access credit from high street banks.

Spreading the anti-loan shark message has been a key part of the credit union’s work and they have attended Pride events across Sussex to engage with the LGBTQ+ community and run events in schools and with youth groups to educate children about the dangers of using loan sharks.

The continued support the credit union gives the local community is a lifeline for many and the growth in unemployment caused by the pandemic means many will be needing credit union services more than ever.

Anyone living or working in East Sussex and Brighton & Hove can join the credit union and becoming part of this community bank really makes difference to the local community.