Croydon, Merton and Sutton Credit Union (trading as Croydon Plus) has been awarded a £16,939 grant by Lloyds Banking Group to enable it to develop its jam jar services purchase new IT equipment.
Croydon, Merton and Sutton Credit Union offers safe savings accounts and affordable loans to anyone living or working in the London Boroughs of Croydon, Merton & Sutton. The money will allow the credit union to provide a better service to their members and increase their outreach activities.
Michael Wilson, General Manager at Croydon Plus said: “This is a great boost for us and will help us offer improved financial services to the local community. We’ll co
ntinue to improve our services gradually over the coming months and we’re already reaching out to help providing services to anyone in the community who is looking to manage their money better.”
Croydon, Merton and Sutton Credit Union is amongst 21 credit unions across the country that are benefiting 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 third wave of funding to be released. The investment should enable the credit union sector to lend an additional £20million to their customers.
Edward Thurman, Lloyds Banking Group Ambassador for London, said, “Credit unions play a vital role in local communities and these grants will help them to provide improved access to financial services in London. I am delighted with the announcement of these grants which underlines our commitment to help Britain prosper”.
Liz Barclay, Chair of the Credit Union Foundation and Development Fund Grants Committee said: “The Credit Union Foundation is proud to work in partnership with Lloyds Banking Group. Their £4 million investment over four years is innovative and pioneering and now that we’re into the third year of the scheme we’re seeing a big impact on sustainable credit union growth. Credit unions provide an ethical and affordable financial service to some of the hardest to reach and most financially excluded communities in the UK. We’re seeing good quality applications for these capital awards from credit unions committed to expanding and improving the services they offer those communities.”