Kathryn Fogg our CEO was invited to represent PCCU at the Palace of Westminster last week. We joined with other Credit Unions, politicians and Lloyds Banking Group to celebrate the sharing of the £1 million 2018 round of funding for the Lloyds Banking Group Credit Union Development Fund.
The evening was hosted by Chair of the All Parliamentary Group on Credit Unions, Bim Afolami MP, and addressed by Economic Secretary to the Treasury, John Glen MP, Minister for Pensions & Financial Inclusion, Guy Opperman MP and Managing Director of Halifax Bank, Russell Galley.
PCCU was successful in the 2018 Lloyds Banking Group Credit Union Development Fund for £50,000. Lloyds Banking Groups funding is part of their ‘Help Britain Prosper’ plan. This was launched in 2014 and run in partnership with the Credit Union Foundation. The £1 million grant was originally set up to help Credit Unions and has now reached £5 million over 5 years with the Lloyds Group announcing at the event a further £1 million for 2019 to show their commitment to the Credit Union movement.
The partnership between Lloyds Banking Group and the Credit Union Foundation has been truly transformational for the last 5 years and we are delighted to see the development fund extended for a further year
PCCU are proud to be self-sufficient, however with the rapid sustainable growth means that the Credit Union needs to increase financial reserves to comply with regulatory requirements. With PCCU being awarded the £50,000 grant from the Lloyds Banking Group funding this allows us to put the grant into PCCU’s reserves.
John Glen MP said
Tonight we are here to celebrate Credit Unions and the vital role they play in our financial sector
I thank Lloyds Banking Group for providing the 17 seed grants and six large grants to credit unions in this round of funding and also I am grateful for the positive way in which credit unions have engaged with government over the last five years
Chief Executive, Kathryn Fogg said
It was a pleasure to meet representatives from the Lloyds Banking Group to discuss how the awards have helped PCCU develop in Burnley town centre and provide some of the extra regulatory reserves necessary for future growth.
Thank you to Julie Cooper MP for Burnley who welcomed me to the meeting, showing her continued support for PCCU
PCCU would like to thank the Lloyds Banking Group for supporting the Credit Union sector and personally helping PCCU over the past 2 years. With the help from the Lloyds Banking Group Credit Union Development funding grant we have been able to purchase and renovate new premises in Burnley, we have grown our partnership with Spacious Place Furnishings and we have been able to strengthen our reserves. This enables us to provide increased access to ethical savings and affordable loans to people in the Burnley and Pendle communities.