Credit Unions of Wales welcomes £1m fund from Welsh Government

Credit Unions of Wales has welcomed news of a £1m fund from Welsh Government to support credit unions during the pandemic.

The fund, announced by Deputy Minister for Housing and Local Government Hannah Blythyn MS, has been set up to ensure credit unions can provide access to fair and affordable credit for people affected by the coronavirus pandemic.

The Deputy Minister said: Credit unions provide an excellent and ethical way for people to save regularly and borrow affordably and responsibly. They feature strongly in our efforts to tackle poverty and will continue to play a key role in building financial resilience.

“During the coronavirus lockdown, they made significant efforts to maintain essential services for existing customers and also new members looking to borrow affordably. Now more than ever, members will be looking to their trusted credit unions to provide assistance to navigate the unprecedented times that lie ahead.

“The funding I have announced today will support them to continue to help people in need.”

Responding to the funding announcement on behalf of Credit Unions of Wales, Ann Francis, Manager of Cambrian Credit Union said: “Credit unions across Wales are working tirelessly throughout this pandemic to continue to provide affordable loans and ethical savings, bringing in new products and ways of working to make our services more accessible than ever.

“Credit Unions of Wales welcomes this support from Welsh Government and the recognition of the vital role credit unions will play in helping people in Wales recover from the economic turmoil of Covid-19 and build a brighter financial future.”

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