Tuesday, 11 March 2014

Lloyds to donate £1 million to credit unions

The announcement is part of the banking group's Helping Britain Prosper plan, in which it aims to address some of the big issues facing the country, including financial inclusion which includes providing access to affordable credit. Credit unions are non-profit-making cooperatives whose members can borrow money from pooled deposits at low interest rates. The Association of British Credit Unions said its latest figures showed there were 371 credit unions in England, Scotland and Wales, serving more than a million people. Lloyds said it had not yet been decided whether to give the £1m to Abcul for distribution or to individual credit unions.

(Source: WCVA)

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