LONDON–Three credit unions here have been awarded grants from Lloyds Banking Group through its Credit Union Development Fund.
The credit unions, London Mutual, London Capital and London Plus, have been granted £100,000, £65,000 and £40,000 respectively to invest in communities across London if the investment is for reserves.
Lloyds said each of the credit unions offers savings accounts and affordable loans to people across the boroughs of London.
Established in 2014, the Lloyds Credit Union Development Fund is run in partnership with the Credit Union Foundation, and over the past five-years the Fund has awarded 13 London-based credit unions with almost half-million pounds (£499,079) to support members across the region, according to LondonLovesBusiness.com. Credit unions in the U.K. are largely positioned as alternative to payday lenders and other high-rate loans.
“This funding has helped the London Mutual Credit Union to strengthen its capital base,” Lucky Chandrasekera, CEO of London Mutual Credit Union, told the publication. “The board of directors is extremely grateful to Lloyds Banking Group and the Credit Union Foundation for this valuable grant which put us in a strong position to progress with our future development plans.”
‘This is Vital’
Ed Thurman, Lloyds Banking Group’s Ambassador for London added in remarks to LondonLovesBusiness.com, “London credit unions help people across the capital. This is vital, now more than ever, as house prices and the cost of living soars. By working closely with London credit unions, we can give local people and organizations the support they need and help Britain prosper.”
The Lloyds Credit Union Development Fund grant for London Mutual, London Capital and London Plus forms part of Lloyds Banking Group’s Helping Britain Prosper Plan, as part of which it has donated £1m a year to credit unions since 2014, to better enable them to offer affordable loans and savings services to their members.