Ethos Public Relations Manchester

ALMO promotes affordable credit

by Ethos public relations

The recently formed Financial Inclusion Team at ALMO Rochdale Boroughwide Housing (RBH) has established a partnership with Moneyline Greater Manchester to offer its 14,000 Households access to alternative affordable credit.

Angela Havens, Financial Inclusion Manager at RBH said: "Financial exclusion of social housing tenants is well documented. We want to ensure our tenants have an alternative to doorstep lenders and loan sharks who can charge up to 399% interest in this area.? This obviously has a major impact on the financial, social and personal well-being of anyone who is unfortunate enough to deal with these people."

Moneyline Greater Manchester is a Community Development Financial Institution (CDFI) that provides accessible loans and financial products to individuals and businesses, who may be having difficulty obtaining these services form mainstream institutions. It will offer a range RBH tenants loans for a variety of purposes and will only lend what tenants can afford to repay.

"Equally important is that as well as lending money, RBH and Moneyline Greater Manchester will be providing advice and guidance to tenants and actively encouraging them to open bank accounts," said Angela.

"Our frontline staff will be trained in the services that Moneyline Greater Manchester can provide and what the service can do for our tenants. As our relationship continues we will be looking to see how we can work with residents further to promote financial inclusion."

Posted at 6^th October 2009