The Lloyds Banking Group has selected 21 Credit Unions from across Britain who submitted applications to share £1million of grant funding in 2018. The latest support of the Credit Union sector, run in partnership with the Credit Union Foundation, follows £4million that the Lloyds Banking Group has already provided over the past four years.
Under Lloyds’ commitment to their ‘Helping Britain Prosper’ plan, which was launched in 2014, the group aim to use their scale and reach across the UK to help tackle the social and economic issues that matter most. They have identified areas which they believe that support and funding could improve housing, saving for the future, building digital skills, supporting business growth, tackling social disadvantage and championing diversity.
Robin Bulloch, Managing Director, Lloyds Bank & Bank of Scotland said
As part of our ambition to be the leading supporter of the UK’s Credit Unions, we are contributing an additional £1million to provide sustainable lending to even more Credit Unions, and in turn, their members. Over 66 Credit Unions have benefited from the Fund’s support to date, helping over 400,000 members across the UK, underscoring our commitment to Help Britain Prosper.
The Development Fund is designed to strengthen the financial position of Credit Unions and give the sector the capacity to develop new strategies for sustained and effective growth and to provide additional much-needed responsible lending to communities across Britain.
Liz Barclay, Chair of the Credit Union Foundation and Development Fund Grants Committee said
The partnership with Lloyds Banking Group has been transformational for the Foundation and is providing support for the Credit Union sector that is unparalleled. From funding websites that allow new digital services for members, to building capital reserves that are supporting significant growth, the Development Fund is supporting credit unions, large and small, to achieve sustainability.
Pennine Community Credit Union is excited with the opportunity this large grant provides, which will enable the Credit Union to reduce barriers to growth, CEO Kathryn Fogg
We are thrilled to have received the Lloyds Foundation funding. This grant allows us to operate a branch within SPE Furnishings, on Briercliffe Road, and employ an additional member of staff to offer a real alternative to the pay weekly stores. It will also help Pennine to renovate a newly acquired town centre property. This will bring PCCU onto Burnley High Street showcasing us to the local community as an alternative to high interest lenders.
PCCU would like to thank the Lloyds Banking Group for supporting the Credit Union sector and we are confident that this grant will enable us to provide increased access to ethical savings and affordable loans to people in the Burnley and Pendle communities.