Scotcash, the award winning Glasgow-based financial exclusion charity, will expand its services to support people in Edinburgh after receiving a grant of £300,000 from the new Virgin Money Foundation Ripple Fund.
Virgin Money Foundation backs people and organisations whose aim is to tackle social and economic disadvantage in their communities by investing both the financial and non-financial resources of the Foundation in their work.
Financial exclusion is one issue that holds people back, keeping them in a cycle of poverty
Nancy Doyle, Executive Director of the Virgin Money Foundation said, adding “Scotcash have proved over the last decade that they can help people gain control of their finances. We are excited to see the sphere of their impact ripple out into Edinburgh and are proud to be supporting their new initiative.”
Scotcash, which offers a range of services to individuals in financial difficulty including affordable loans, money advice and white goods packages, will receive one of the first three grants given under the Virgin Money Foundation’s Ripple Fund.
Ten years after first opening their doors in Glasgow, Scotcash will use the grant of £300,000 from the Ripple Fund to open a new service in Edinburgh.
Rev John Chalmers, Chair of Carnegie Working Group, said;
The award from the Virgin Money Foundation will enable Scotcash to replicate its award winning lending model in Edinburgh for the first time which will save significant sums of money for disadvantaged communities across Scotland, greatly improving people’s quality of life and setting people on the road to financial inclusion.