The Growth Fund

The government has recently become concerned that those on a low income are the least likely to receive credit with an affordable repayment rate. Credit taken out at institutions requiring high interest only encourages unmanageable debt. In addition to Budgeting Loans and Crisis Loans, the government have invested thirty-six million pounds in the Growth Fund. This is money that approved credit institutions can loan to people with a low income who are in need of extra funds, and ensures that these people have a greater chance to be able to repay the money and avoid huge debts or even bankruptcy.

If you would like to be considered for a loan from the Growth Fund you will need to contact your nearest Credit Union, found in the telephone book under ‘Credit Unions’. You will be required to attend an interview with a trained advisor who can help you choose the best credit option based on your individual circumstances. You will also need to fill in claim forms giving details of your income and expenses, and how much you wish to borrow and the purpose of the loan. You will then be advised on how and when you should make repayments, and you will be required to sign an agreement detailing the terms and conditions of the loan.