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A council is to invest £100,000 in a credit union after the withdrawal of support from a social landlord.

Hoot Credit Union, which has 5,000 members is a co-operative, community business offering affordable loans and savings to the people of Bolton and Bury .

A meeting of Bolton council’s corporate affairs scrutiny committee heard that Hoot had helped around 3,000 people in the past year and had previously ‘literally rescued people from the jaws of loan sharks’.

In July and August this year Hoot also issued 700 school uniform loans in Bolton, all of which came with a new savings account to start saving for next year.

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However the business faces a short term deficit caused by the removal of funding by key funder, Bolton at Home.

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