East Sussex Credit Union has been awarded a £100,000 grant by Lloyds Banking Group to enable it to support more people in the local community.
East Sussex Credit Union is a not-for-profit savings and loans co-operative, open to all people living and working in East Sussex. Currently with 5,000 members, the money will allow the Credit Union to increase its funding, which in turn will enable it to increase its membership in the future. Ann HIckey from East Sussex Credit Union said:
The timing of this grant is very significant. It will provide those, right here in East Sussex, with more affordable loans, especially those who may be worrying about debt after Christmas.
East Sussex 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 has committed to provide £1m each year for four years and today’s award is the second wave of funding to be released. The investment should enable the Credit Union sector to lend an additional £20million to their customers
Robin Bulloch, Managing Director, Lloyds Bank 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 after Christmas have another lending option available to them.
Liz Barclay, Independent Trustee of the Credit Union Foundation and Chair of the Fund Grants Committee said:
Credit Unions provide accessible financial services to some of the hardest to reach communities in the UK. For the second year running, we have had a fantastic response to the scheme with applications from many credit unions looking to expand their services and serve more of their local communities. Lloyds Banking Group’s £4 million investment over 4 years via the Credit Union Foundation is supporting the sector to provide an additional £20m of affordable lending and give a major boost to sustainable credit union growth for many years to come.
For more information about membership and loans get in touch with East Sussex Credit Union by phoning 01273 234858 or see their website: www.eastsussexcu.org.uk.