Ipswich-based credit union, Eastern Savings and Loans has been awarded a £30,000 grant by Lloyds Banking Group through its Credit Union Development Fund to invest in local communities.
The Credit Union offers savings accounts and affordable loans to businesses and individuals in Norfolk, Suffolk and Cambridgeshire.
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 nine East of England credit unions £481,171 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.
Chris Mole, CEO at Eastern Savings and Loans Credit Union, said: “We’re extremely grateful for this significant cash injection, which will strengthen our capital position.
“It is difficult to add to reserves while investing in the new technology and marketing needed to grow. This will help us boost our membership and still meet regulatory requirements.”
Matt Hubbard, Lloyds Banking Group’s Ambassador for the East of England, said: “Eastern Savings and Loans provides vital support for its members across Norfolk, Suffolk and Cambridgeshire.
“As part of our commitment to help Britain prosper, the £30,000 funding we have provided will support access to responsible lending for those who need it.”
The Lloyds Credit Union Development Fund grant for Eastern Savings and Loans forms part of Lloyds Banking Group’s Helping Britain Prosper Plan, as part of which it has donated £1 million a year to credit unions since 2014, to better enable them to offer affordable loans and savings services to their members.