North Herts District Council has awarded the Black Squirrel Credit Union a grant of £75,000 to enable it to offer affordable loans to vulnerable residents and help prevent and relieve homelessness in the district.

The funding has been allocated to NHDC by the Ministry of Housing, Communities and Local Government (MHCLG) in the form of a ring-fenced homelessness grant.

When residents repay the loans, the money is then reinvested back into the scheme, which is scheduled to run until March 2024.

Bernard Lovewell, Black Squirrel Credit Union Treasurer said: "We are very pleased to be able to continue our successful partnership with NHDC which has helped to prevent homelessness for some hundreds of people over the past 10 years.

"Not only is this a cost effective way of providing this service but it enables NHDC to assist many more people.

"In our experience many of the people we help in this way go on to enjoy the services we offer members with affordable loans and savings accounts."

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NHDC has worked with the Black Squirrel Credit Union since 2010 in order to prevent and relieve homelessness.

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A not-for-profit volunteer run co-operative set up to support local people, it has been running for more than 18 years, helping hundreds of local residents each year with affordable loans totalling in excess of £500k annually.

It is also the only local credit union with an office located in the district.

Credit unions aim to help their members take control of their money by encouraging them to save what they can and borrow only what they can afford to repay.

They serve their members in a safe and responsible way and promote financial wellbeing.