South Manchester Credit Union Awarded £19,000 through Lloyds Banking Group Development Fund
South Manchester Credit Union offers savings accounts and affordable loans to everyone living or working in South Manchester. The money will resource the credit union to further extend the reach of services within their local communities.
Sheenagh Young, CEO of South Manchester Credit Union said: “As a successful community credit union we are looking forward to applying our award from LBG to further raise our voice and encourage a deeper appetite for credit union services in our local communities. We have focused strongly on marketing over the last year and have been building our presence on social media as well as strengthening our online services offer. This award enables us to resource a business development role to build partnerships with local employers to open up easier access to credit union services for their employees.”
South Manchester Credit Union is amongst 21 credit unions across the country that are benefitting from £1m in grants from Lloyds Banking Group, delivered through the Credit Union Foundation. Lloyds committed to provide £1m each year for four years and today’s award is the fourth wave of funding to be released. In addition, Lloyds have also announced they will commit a further £1million of funding in 2018 on top of the £4million they have already delivered. The investment between 2014-18 should enable the credit union sector to lend an additional £25million to their members 1.
Nick Williams, Group Ambassador for the North of England, at Lloyds Banking Group said: “Credit unions play a crucial role in helping people access finance in a safe and responsible way. This support means that more consumers who need small loans have another lending option available to them. Over 66 credit unions have benefitted from the Fund’s support to date, helping over 400,000 members across the UK, and underscoring our commitment to Help Britain Prosper.”
Liz Barclay, Chair of the Credit Union Foundation says: “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.”