Wednesday, 27th February 2019
Darlington Credit Union has been awarded a £30,000 grant by Lloyds Banking Group through itsCredit Union Development Fund to invest in communities across the North East.
Darlington Credit Union offers savings accounts and affordable loans to residents living across the region.
Established in 2014, the Lloyds Credit Union Development Fund is run in partnership with the Credit Union Foundation. Over the past five years the Fund has awarded 30 northern credit unions with £1.7 million to support members across the north of England.
The Fund is designed to strengthen the financial position of credit unions to enable them to provide much-needed responsible lending to local people and organisations.
Chief Executive of Darlington Credit Union, Tony Brockley, said:“The funding enables us to strengthen our reserves, which is essential to our growth plans. As our membership increases towards 10,000 people we will need to respond to the increased capital to assets ratio requirements. Receiving this grant brings us closer to those requirements, allowing us to realise our ambitious future goals.”
Lloyds Banking Group Ambassador for the North East, Nick Williams, said: “As part of our commitment to helping Britain prosper, we’re passionate about supporting organisations like Darlington Credit Union that provide invaluable services for local people. This funding is vital in offering access to secure and responsible finance, which is crucial for communities across Darlington.”
The Lloyds Credit Union Development Fund grant for Darlington Credit Union forms part of Lloyds Banking Group’s Helping Britain Prosper Plan, as part of which it has donated £1 million a year to credit unions, to better enable them to offer affordable loans and savings services to their members.
To find out more about Lloyds Banking Group’s Helping Britain Prosper Plan visit: www.lloydsbankinggroup.com/helpingbritainprosper