Michael Sheen has backed the launch of a new £1m fund to help tackle the poverty premium for low-income borrowers in Scotland.
Carnegie UK Trust’s Affordable Credit Loan Fund is aiming to offer an alternative to people who have nowhere to turn when they are in dire financial straits – other than high interest and doorstep lenders.
Instead of the least usually paying the most for their credit, the fund, delivered in partnership with Social Investment Scotland, is aiming to help more people access affordable credit.
Cash from the fund will be delivered on a not-for-profit basis by a range of social enterprises as a repayable loan over 10 years. Each provider will back up the money with a wide range of financial inclusion services, ranging from debt advice and savings opportunities to income maximisation.
Hollywood actor Sheen, who is a long-standing champion of social enterprise and is a Patron of Social Enterprise UK, has helped to unveil the fund by narrating a new short film Speaking out for Fair Credit that highlights testimonies from customers across Scotland and calls for support of the not-for-profit lending sector from the government, business community and civil society.