Croydon Plus Credit Union has been awarded a £70,000 grant that will be used to further support local savers and borrowers.
The funding, which was announced this week, has been awarded by Lloyds Banking Group and comes after the credit union successfully applied for a seed grant enabling it to help more than 5,000 members to access affordable loans and manage their finances.
The money will enable the credit union to offer more lending opportunities to its members, who must live or work in Croydon, Merton or Sutton.
Croydon Plus operates as a community bank and offers members competitive interest rates and a range of services as a safe and cost-effective alternative to payday loan companies.
Michael Wilson, general manager of Croydon Plus Credit Union, said: “The impact of this grant for Croydon Plus is huge. It will ensure we are able to meet increased capital requirements while we continue to grow our membership and will enable us to really focus our attention on helping our members when they need us.”
Richard Simpson, Croydon Council’s executive director for resources, added: “Croydon Plus is a fantastic facility available to those residents who may not be able or want to use the traditional high-street offerings. It is great they have secured this additional funding to provide further financial support to their members.”
For more information about Croydon Plus Credit Union visit www.croydonplus.co.uk or call 020 8760 5711.