Credit union's grant boost

The Oldham Credit Union office

Oldham Credit Union has been awarded a £50,000 grant by Lloyds Banking Group to support their capital asset ratio as their membership increases over 5,000.

Oldham Credit Union helps its’ members manage their finances and access affordable loans, and is open to those living or working in the Borough of Oldham.

The money will allow the credit union to offer more lending to more members in the local community.  

An Oldham Credit Union spokesperson said: “We are delighted to have been awarded a grant from the Lloyds Bank Credit Union Development Fund.

"The grant provides us with a great opportunity to invest in the credit union and modernise our operations enabling us to improve and expand services to meet the needs of the whole community.”

Oldham 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 this latest award is the fourth wave of funding to be released.

In addition the Bank has also announced it will commit a further £1million of funding in 2018 on top of the £4million it has already delivered. 

The investment between 2014-18 should enable the Credit Union sector to lend an additional £25million to their customers.

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 benefited 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, added: “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.”