Three credit unions in London have been been given grants to invest in their communities through Lloyds Banking Group’s credit union development fund.
London Mutual, London Capital and London Plus receive £100,000, £65,000 and £40,000 respectively from the fun, set up by Lloyds in 2014, in partnership with the Credit Union Foundation and the Association of British Credit Unions to strengthen the financial position of credit unions.
Over the past five years it has handed out £5m to the UK credit union sector and plans to share another £1m this year.
To improve awareness, Lloyds is also rolling out a customer signposting relationship between its branches and local credit unions.
Lucky Chandrasekera, chief executive of London Mutual Credit Union, said: “This funding has helped the London Mutual Credit Union to strengthen its capital base. The board of directors is extremely grateful for this valuable grant which put us in a strong position to progress with our future development plans.”
Ed Thurman, Lloyds Banking Group’s ambassador for London said: “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 organisations the support they need and help Britain prosper.”