Ipswich: Investment aim is to tackle loan sharks and high interest lenders in north west Ipswich
Officials at the Big Local Trust have agreed to invest thousands of pounds in a bid to tackle the problem of loan sharks in the north west area of Ipswich.
The Ipswich and Suffolk Credit Union will benefit from the £40,000 investment – which will be used to provide low cost loans.
It is hoped the initiative will give people living in the area an alternative to high-interest lenders.
Ron Impey, chairman of the Big Local Trust partnership, said: “We have considered this investment for some time and it is one of a number of actions contained within our Big Local Plan.
“The initiative will provide families and low income households with a means to borrow money without being threatened or intimidated.”
The north west Ipswich BLT was one of a number of organisations earlier this month to sign a charter to stop loans sharks in the area, as part of action to stop illegal lending.