Funding boost for credit union
3:53pm Friday 21st March 2014 in News
West Wales Credit Union has received £90,492 funding from the Welsh government as part of a £1.7m Wales-wide package for credit unions.
The money will be used o develop additional services for financially excluded individuals and families across Pembrokeshire, Carmarthenshire and Ceredigion.
Treasurer Cris Tomos said: " During the past two years we have seen the amount of savings receive and loans issued by West Wales Credit Union more than double. We now have over £700,000 saved by local people.When saving with the Credit Union a person automatically becomes a member and can then request loans from the pot of money saved by local people. The support now given by the Welsh Government will allow us to grow additional collection points and services across West Wales"
And he added: " West Wales Credit Union has now introduced an internet banking service where members can view their statements and request loans and services via their online account. We will also be focusing on excluded members of the community who require additional support to mange money and budget for their day to day cost of living"
Communities and Tackling Poverty Minister Jeff Cuthbert said:
“We want to make sure credit unions go from strength to strength and become a permanent sight on high streets across Wales. They are a real, community focussed alternative to traditional banks and payday lenders.
“This new funding builds on the financial support we have provided to the movement over a number of years so they can continue to encourage savings, offer accessible loans and work in our most vulnerable communities. We are working together to continue to attract more members and increase the loans and products they offer to all walks of life.
“However, eventually credit unions have to be able to stand on their own as independent financial institutions. That is why our latest support is aimed at creating a financially sustainable credit union network with a strong membership base that supports the work they do and continue to help those communities who need it the most.”