MANCHESTER, U.K.–A group of credit unions here has formed a consortium called the “Sound Pound” aimed at providing £15m in financial support to millions of people across this region.
The objective of Sound Pound is to demonstrate for communities across Greater Manchester that there is light at the end of the tunnel and that their local community credit union is there to support them at this time of uncertainty and financial hardship, according to the Oldham Chronicle.
“All of the Greater Manchester community credit unions have come together to launch this joint recovery plan which has a clear objective - to rebuild our communities, support our people and lend responsibly,” Mike Louden, chief executive of Oldham Credit Union, told the Chronicle. "This will also provide a vital boost to our local economy. We want to encourage anyone who is struggling financially due to the impact of COVID to speak to their community credit union about their borrowing needs. By supporting local people and offering them credit, it will increase spending and keep our economy moving forward. It’s a cycle and, if we work together, we can keep going.”
The CUs Involved
The Sound Pound consortium is made up of Manchester Credit Union, South Manchester Credit Union, Stockport Credit Union, Cash Box Credit Union (Tameside), Unify Credit Union (Wigan), Hoot Credit Union (Bolton), Salford Credit Union and Oldham Credit Union.
All eight have signed up to the initiative in order to provide support to their local communities, the Chronicle reported.
Added David Batten, chair of the Sound Pound consortium: “Our communities are really struggling right now. Many who never experienced debt or hardship before, are facing a very uncertain future and we can help. Because of the unique way that credit unions operate, we are able to lend money to help them with their day to day living costs and even help them save for a more secure future.”
For more info: www.soundpound.co.uk