Three London-based Credit Unions have been awarded a grant by Lloyds Banking Group through its Credit Union Development Fund. 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.
The Credit Unions offer 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. Over the past five-years the Fund has awarded 13 London-based credit unions with almost half a million pounds (£499,079) to support members across the region.
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.
Lucky Chandrasekera, CEO of London Mutual Credit Union said, “This funding has helped the London Mutual Credit Union to strengthen its capital base. The Board of Directors are 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.”
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.”
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.