creating communities to be proud of
money matters - community groups
Moneyline (ELM - East Lancs Moneyline) is a Community Development Finance Institution (CDFI) and one of a very small number of organisations in the UK set up specifically to help people who struggle to get credit from the high street banks and building societies. Moneyline has the backing of Shoreline and Havelok.
A CDFI is a not-for-profit organisation. This means that no money is taken out of the company for private gain. Instead it's reinvested to help more customers. Trading since 2002 in Lancashire, Moneyline has issued over 10,000 loans and opened over 1,500 savings accounts for customers.
Many companies who specialise in lending to financially vulnerable people, usually by "doorstep cash loans", charge rates of interest of up to 10 times the amount that a bank or building society would charge. Moneyline can provide an alternative.
As well as lending to individuals, Moneyline can also provide loans to Community and Voluntary groups* for small projects that generate income. Community groups in this area have already been helped to access more affordable loans to set up projects in their neighbourhoods.
A Moneyline loan has helped one local community group to start up regular bingo in their community. As well as providing a fun, social activity the income generated from bingo is helping them develop a sustainable income to keep their community centre running.
If you would like a confidential appointment to discuss how Moneyline could help your group, you can telephone Ian Clough or Phil Duckworth on 01254 696203.
If you are able to borrow from your bank, this should still be your first port of call. If however your bank is unable to help, then maybe Moneyline can.
* Voluntary and community groups must have:
- a constitution
- a bank or building society account in the group/organisation's name
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© 2007-2010 Shoreline Housing Partnership Ltd. Registered Charity Number 1107876. |
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