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Lloyds Banking Group announce funding to supporting Credit Union Sector

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27 Apr 18

Back in 2014, Lloyds Banking Group (LBG) launched the Credit Union Development Fund to strengthen the financial position of credit unions and give them the capacity to develop new strategies for sustained and effective growth, and to provide addition much needed responsible lending to communities across the UK.

The fund is part of Lloyds Banking Groups initiative of ‘Helping Britain Prosper Plan’, which was set up as a four year fund with £1 million available each year to credit unions. Following on from the success of the first four years, LBG has agreed to contribute another £1 million additional funding in 2018 in partnership with The Credit Union Foundation.

The fund has helped 66 credit unions lend over £20 million to its members, with this number set to exceed £25 million by the end of 2018. The announcement of an addition £1 million will help 13 credit unions that apply for large grants up to £100,000 and another 8 credit unions will receive small grants between £10,000 & £20,000.  Larger grants are intended to help remove barriers to growth and innovation whilst smaller grants are to help credit unions invest in resources and activities to improve sustainability.

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 £1 million to provide sustainable lending to even more Credit Unions, and in turn, their members. Over 66 Credit Unions have benefited from the funds support to date, helping over 400,000 members across the UK, underscoring our commitment to Help Britain Prosper.”

Former Chair of the Credit Union Foundation and Development Fund Grants Committee says: “The partnership with Lloyds Banking Group has been transformational for the Foundation and is providing support 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.”

John Glen, Economic Secretary to the Treasury said: “I am committed to promoting the benefits of Credit Unions, there are over 400 of them across the country, serving 1.9 million members, and each plays a vital role for the people and community they serve. This funding from Lloyds is fantastic news for the sector and I hope that other banks follow by example.”

List of 2017 winners:

LARGE GRANT RECEIPIENTS                                               

AMOUNT

Prince Bishops Credit Union

£30,000

LASER Credit Union Ltd

£50,000

Oldham Credit Union Limited

£50,000

Pennine Community Credit Union

£50,000

St Albans District Credit Union

£50,000

West Cumbria Credit Union Ltd         

£50,000

Wyvern Credit Union Limited

£50,000

Croydon Merton & Sutton Credit Union (t/a Croydon Plus)

£70,000

Drumchapel Credit Union

£70,000

Lewisham Employees Credit Union Limited (t/a Crownsavers)

£70,000

Moneywise Credit Union               

£70,000

Bradford District Credit Union

£100,000

Manchester Credit Union Limited

£100,000

 

SEED   GRANT RECEIPIENTS

AMOUNT

Borough & Parish Community Credit Union   

£5,850

Colchester Credit Union

£15,550

Lincolnshire Credit Union Ltd

£18,804

Norwich Credit Union Limited

£19,680

South Manchester Credit Union Ltd

£19,280

Cash Box Credit Union

£19,940

Smart Money Cymru Credit Union Ltd

£20,000

Swan Credit Union

£20,000

 

If you wish to apply to 2018 funding there are changes to the application process so ABCUL have provided a detailed guidance notes on the Credit Union Foundation website here

Applications are open from 23rd April and close at 12.00 on Monday 18th June. To access the application form please click here.

For any more information please contact enquiries@creditunionfoundation.org.uk

 

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