Lloyds Banking Group announce funding to supporting Credit Union Sector

By Patrick Thorpe posted 29-01-2019 11:30:45


Back in 2014, Lloyds Banking Group (LBG) launched the Credit Union Development Fund to strengthen the financial position of credit unions and give them the capacity to develop new strategies for sustained and effective growth and to provide addition much needed responsible lending to communities across the UK.

The fund is part of Lloyds Banking Groups initiative of ‘Helping Britain Prosper Plan’, which was set up as a four-year fund with £1 million available each year to credit unions. Following on from the success of the first four years, LBG has agreed to contribute another £1 million additional funding in 2018 in partnership with The Credit Union Foundation.

The fund has helped 66 credit unions lend over £20 million to its members, with this number set to exceed £25 million by the end of 2018. The announcement of an addition £1 million will help 13 credit unions that apply for large grants up to £100,000 and another 8 credit unions will receive small grants between £10,000 & £20,000.  Larger grants are intended to help remove barriers to growth and innovation whilst smaller grants are to help credit unions invest in resources and activities to improve sustainability.

Robin Bulloch, Managing Director, Lloyds Bank & Bank of Scotland said: “As part of our ambition to be the leading supporter of the UK’s Credit Unions, we are contributing an additional £1 million to provide sustainable lending to even more Credit Unions, and in turn, their members. Over 66 Credit Unions have benefited from the funds support to date, helping over 400,000 members across the UK, underscoring our commitment to Help Britain Prosper.”

Former Chair of the Credit Union Foundation and Development Fund Grants Committee says: “The partnership with Lloyds Banking Group has been transformational for the Foundation and is providing support for the Foundation and is providing support for the credit union sector that is unparalleled. From Funding websites that allow new digital services for members, to building capital reserves that are supporting significant growth, the Development Fund is supporting credit unions, large and small, to achieve sustainability.”

John Glen, Economic Secretary to the Treasury said: “I am committed to promoting the benefits of Credit Unions, there are over 400 of them across the country, serving 1.9 million members, and each plays a vital role for the people and community they serve. This funding from Lloyds is fantastic news for the sector and I hope that other banks follow by example.”

List of 2017 winners:

LARGE GRANT RECIPIENTS                                               


Prince Bishops Credit Union


LASER Credit Union Ltd


Oldham Credit Union Limited


Pennine Community Credit Union


St Albans District Credit Union


West Cumbria Credit Union Ltd         


Wyvern Credit Union Limited


Croydon Merton & Sutton Credit Union (t/a Croydon Plus)


Drumchapel Credit Union


Lewisham Employees Credit Union Limited (t/a Crownsavers)


Moneywise Credit Union               


Bradford District Credit Union


Manchester Credit Union Limited





Borough & Parish Community Credit Union   


Colchester Credit Union


Lincolnshire Credit Union Ltd


Norwich Credit Union Limited


South Manchester Credit Union Ltd


Cash Box Credit Union


Smart Money Cymru Credit Union Ltd


Swan Credit Union



If you wish to apply to 2018 funding there are changes to the application process so ABCUL has provided a detailed guidance notes on the Credit Union Foundation website here

Applications are open from 23rd April and close at 12.00 on Monday 18th June. To access the application form please click here.

For any more information please contact enquiries@creditunionfoundation.org.uk