Fyne Homes Housing Association joins Scotwest Credit Union in UK First
Posted on 6th May 2015 at 14:38 ( Last updated on 6th May 2015 at 15:44 )
In what is believed to be a UK first, Scotwest Credit Union has welcomed Fyne Homes Housing Association as a Corporate Member. The exciting development has been the result of changes in legislation to allow Credit Unions to offer services to community groups, companies and social enterprises.
The partnership will see Scotwest issue a £400,000 secured loan to the Housing Association to help fund a major repairs programme.
Colin Renfrew, CEO of Fyne Homes said “Housing Associations such as ours require borrowing facilities from a range of providers and we were delighted to include Scotwest in the latest round of tenders. They worked closely with us to ensure that this unique arrangement was delivered smoothly and we are delighted to join Scotwest as a corporate member as we feel we share a similar ethos.”
The 10 year loan, which is secured on existing properties, will be used to by Fyne Homes to make improvements to its current housing stock.
Kenny MacLeod, CEO of Scotwest Credit Union said “Whilst this is primarily a business transaction, the social and ethical aims of Fyne Homes fit with that of Scotwest and we are proud that they have become our first corporate member.”
Deirdre Forsyth, Chair of Scotwest Credit Union said “Having broken ground with Fyne Homes, we have made the decision to offer this facility to the rest of the Housing Association market within the Strathclyde area.
Pictured (left to right): Kenny MacLeod, Scotwest Chief Executive, Deirdre Forsyth, Scotwest Chair, Peter Lingard, Fyne Homes Director and Colin Renfrew, Fyne Homes Chief Executive.