Early day motion tabled by primary sponsor Linda Riordan (Labour and Co-operative Party), on Tuesday, 23 March 2010, in the House of Commons. It is signed by 37 members in total.

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CREDIT UNION FOR SMALL AND MEDIUM-SIZED BUSINESSES

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.

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Secondary information

Type

Early day motion

Reference

1160 

Session

2009-10

Other sponsors

Jim Dobbin

Jim Hood

David Lepper

Gordon Prentice

Ronnie Campbell

Subjects

Financial institutions

Link

View this Early day motion on www.parliament.uk