A North-East credit union has been awarded a £50,000 grant by Lloyds Banking Group to increase its capital asset reserves, enabling it to lend more to its members.
NEFirst Credit Union offers safe savings accounts and affordable loans to anyone who lives or works in the North East, including Northumberland, County Durham and all of the boroughs that make up Tyne and Wear.
The money will allow the credit union to provide a better service to its members and increase its outreach activities.
Mick Davison, from NEFirst Credit Union, said: “The award of this grant from Lloyds Bank is a great boost to our capital reserves and a huge vote of confidence in the credit union.
“It will help us to offer our savings and loans products to more people across our local community. If anyone in this area wants to know more about the savings and loans we offer, they can get in touch with us on 0330 055 3666 or www.nefirstcu.co.uk”
NEFirst Credit Union is among 21 across the country that are benefitting from £1million in grants from Lloyds Banking Group, delivered through the Credit Union Foundation. Lloyds has committed to provide £1million each year for four years and last week’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.
Nick Williams, Lloyds’ ambassador for the north, said: “Credit unions play a vital role in local communities and these grants will help them to provide improved access to financial services in the north.
“I am delighted with the announcement of these grants which underlines our commitment to help Britain prosper.”