Northumberland County Council has approved a grant of £50,000 towards the Northumberland Community Bank capital reserve.
Northumberland Community Bank (NCB) offer secure saving and loan facilities to people who work or live in Northumberland as an alternative to high street banks.
The grant from Northumberland County Council to help build up capital funds will provide NCB with greater funds to help the people and communities within Northumberland to access loans. Members’ savings also help to build funds, enabling NCB to lend to other members.
Northumberland Community Bank are keen to provide loans to anyone needing financial assistance and will work with applicants to ensure they can set up affordable repayment schemes, helping those more vulnerable to avoid using high cost credit and loan sharks. NCB also offer Payroll Deduction schemes making saving easier for those in employment.
Nick Oliver, Cabinet Member for Corporate Services at Northumberland County Council said, “Northumberland Council are pleased to have secured a grant of £50,000 for the Northumberland Community Bank, providing capital reserve for NCB to help those who live and work in Northumberland.
“The scheme contributes to our ambition for Northumberland to make it easier for residents to access services while also safeguarding our most vulnerable residents, ultimately helping and supporting our residents and communities.”
Lauren Langton, Chief Executive at Northumberland Community Bank said, “The grant of £50,000 to our capital reserve is a great support from Northumberland Council allowing us to help vulnerable residents throughout Northumberland who are under financial pressure with whom we can work with to provide a loan and repayment programme that works for each individual.”