Andy Burnham Says Credit Unions ‘change lives’

Friday 26 January 2024

Greater Manchester’s Mayor, Andy Burnham, has been giving credit unions recognition through his backing of the new ‘SoundPound Loan’. The SoundPound group is composed of eight Greater Manchester community credit unions who work together to better serve the area’s residents.

With the Mayor’s support and backing from the Greater Manchester Combined authority (GMCA), SoundPound has been able to create a loan product designed expertly to help those struggling with rising household costs. Similar to other credit union products, the SoundPound Loan provides safe access to credit for locals struggling with the cost of daily life. However, it is the first product that has been launched by a credit union in response to the affordability crisis.

Andy Burnham said:

“Credit unions have a key role to play in the financial crisis that we all now face. I’m delighted to see them come together across Greater Manchester to provide a local and ethical alternative to the high-interest payday loan companies and loan sharks.

“Credit unions represent a positive, safe solution to short-term credit pressures. SoundPound is a fantastic initiative that shows Greater Manchester is doing things differently and coming together to support each other.”

The SoundPound Loan is available for any amount between £200 and £1000 and is open to anyone with constrained finances and are new to credit unions. Sheenagh Young, Chair of SoundPound and CEO of South Manchester Credit Union, said:

“With the ongoing cost of living crisis, we know there are many people living in our communities who usually get by ok but are now experiencing a real squeeze and are unsure where to turn for help.

“As credit unions, we can help and our new SoundPound Loan is our response to help local people get back on track and avoid any long-term impacts of inflation and rising household costs.”

David Batten, the Chief Executive of Hoot Credit Union explained how important the Mayor’s support has been for raising the profile of credit unions and assisting the Greater Manchester residents who need help. David said:

“Credit unions have, unfortunately, always been this country’s best-kept secret, and we’re thrilled to have somebody as trusted as Andy Burnham backing us and raising awareness of what we’re doing, and how we truly can help to change people’s lives. We’ve specifically designed the SoundPound Loan to reach out to people who may not have heard of credit unions, or considered one before.”

ABCUL is thrilled to see the collaboration of Greater Manchester credit unions producing such fruitful results and we continue to applaud their hard work.

Those currently active in the group include Cash Box Credit Union, Hoot Credit Union, Manchester Credit Union, Oldham Credit Union, Salford Credit Union, South Manchester Credit Union, Stockport Credit Union, and Unify Credit Union.

To read the full story, please visit Manchester Evening News.