Credit Union For Small And Medium-Sized Businesses

EDM number 1160 in 2009-10, proposed by Linda Riordan on 23/03/2010.
Categorised under the topic of Financial institutions.

That this House calls for the establishment of a credit union for small and medium-sized enterprises in local communities to help sustain such businesses as economic recovery begins; notes that such a credit union would help free-up access to borrowing for companies with any cash flow problems; recognises that the aim of this would be to provide a financial instrument that could assist these companies to survive until better times; further calls for the establishment of locally-funded and locally-managed investment banks to spread the risk of each company's cash flow needs; further calls for such a resource to be run and managed in the way that existing credit unions tackle doorstep debt with the aim of protecting jobs; urges the Government to back such an initiative in support of the existing help it has provided for companies like the Enterprise Finance Guarantee and the Capital for Enterprise Fund; and suggests that such a model could be tested out in selected communities including Halifax and if it proves to be successful rolled out to other parts of the country.

This motion has been signed by a total of 37 MPs.