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Credit unions celebrate the Lloyds Banking Groups Credit Union Development Fund in House of Commons

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08 Jun 18

Credit unions, politicians and Lloyds Banking Group, gathered at the House of Commons this week to celebrate the 21 credit unions sharing the 2017 £1 million round of funding from the Lloyds Banking Group Credit Union Development Fund.

Established in 2014 as part of Lloyds’ Helping Britain Prosper Plan and run in partnership with the Credit Union Foundation, the Fund is designed 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 additional much-needed responsible lending to communities across Britain.

The event celebrated the recent announcement by Lloyds Banking Group that an additional £1 million will be invested into credit unions through the grant scheme. This will make it the fifth year of the fund, which will bring Lloyds Banking Group’s total grant contribution the UK’s credit union movement to £5 million.

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, Lloyds Banking Group has agreed to contribute another £1 million additional funding in 2018 in partnership with The Credit Union Foundation.

The event was hosted by Chair of the All Party Parliamentary Group on Credit Unions Jeremy Quin MP, Chair of the Credit Union Foundation Lord Roy Kennedy, and was addressed by the Economic Secretary to the Treasury John Glen MP, Managing Director of Lloyds Bank and Bank of Scotland at Lloyds Banking Group Robin Bulloch, and Minister for the Department for Work & Pensions, Guy Opperman MP.

John Glen MP, spoke about the funding from Lloyds Banking Group, he 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.”

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.”

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.

Executive Director of The Credit Union Foundation Carol Strand attended the APPG event this week and said: “The partnership between Lloyds Banking Group and The Credit Union Foundation has been essential to the growth in the credit union sector since 2014. The funding has provided new digital services for members and it has supported significant growth for credit unions all over the UK.

“Credit unions provide an ethical and affordable financial service to some of most financially excluded communities in the UK. The development fund helps credit unions support these people to improve their lives, whilst committing to improving the wider community. Now heading into the fifth year of funding, the development fund is in demand by credit unions more than ever.

“We thank Lloyds Banking Group for their ground-breaking partnership with credit unions. The high demand for the funding proves the great success of the partnership and I am delighted to see so many credit unions benefit from this.  The first deadline for applications to this year's fund is fast approaching, and we've had a tremendous response with some very strong proposals which are sure to give the Grants Committee some difficult decisions to make later this year.”

If you wish to apply to 2018 funding there are changes to the application process, ABCUL has provided detailed guidance notes on the Credit Union Foundation website hereApplications close Monday 18th June. To access the application form please click here.

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

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

£70,000

Drumchapel Credit   Union

£70,000

Lewisham Employees   Credit Union Limited

£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

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