Credit Unions Deliver Revolutionary New Loans to Support Social Good

Friday 5 April 2024

This week, two credit unions in Greater Manchester have successfully funded its first loans through the Enterprising Communities Fund. The Enterprising Communities Fund is delivered by the Greater Manchester Centre for Voluntary Organisation (GMCVO) in partnership with the Greater Manchester Credit Union Consortium, SoundPound  and seeks to support organisations and businesses trading for social good.

The investment fund is for any organisation or business trading for social good and working in Greater Manchester that is looking to grow trading activity. Through the scheme, social enterprises can apply for the grant and through GMCVO the investment is funded by the Greater Manchester Credit Union Consortium.

Stockport Credit Union and Cash Box Credit Union both funded its first loans through the scheme this week.

“We were delighted to fund our first loan, through the Enterprising Communities Fund run by GMCVO.” Said Stockport Credit Union Chief Executive, John Haslam.

John continued, “This scheme is the first of its kind in the country, and shows the power of credit unions collaborating. The Greater Manchester Credit Union Consortium has worked hard on this for a couple of years, and we’re delighted to be able to support local organisations and businesses trading for social good.”

Stockport Credit Union’s grant is directly supporting the wellbeing of Stockport residents, as John outlines: “In our case, we’re supporting a local organisation that exists to improve the physical and mental health of people living in Stockport, and we’re excited to be part of their journey. It’s been a learning process too, as lending of this type is new to us and so I want to say a big thank you to the team here, other credit unions and the team at GMCVO who have all come together to make this happen.”

“GMCVO is pleased to be working with the GM Consortium and be a part of this innovative partnership to enable greater investment in local businesses that do good in their communities” said Shelia Murtagh, GMCVO Credit Union Lead. Sheila continued: “As a previous Credit Union Chief Exec I appreciated the hard work and flexibility required of each of the Credit Unions involved and am really grateful for their continued enthusiasm and commitment which is enabling this partnership to deliver on the ground.”

To learn more about the fund, please visit GMCVO’s website here.