Welsh Government
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Nineteen credit unions to share £1 million capital funding
The Minister made the announcement on a visit to Dragonsavers Credit Union in Tonyrefail which will receive over £150,000 of funding from the Welsh Assembly Government towards the £200,000 cost of refurbishing their current premises, repaying their outstanding mortgage and buying new IT and office equipment.
Announcing the funding, Dr Gibbons said:
“Credit unions play a very important role in our battle to combat financial exclusion, which is particularly important during this difficult economic time. Credit unions are here to help, to provide a safe haven for hard earned savings, or a fair and understanding hearing for a loan application.
“This funding will help to reduce credit unions’ overheads and provide them with a long term asset to strengthen their balance sheets. This will improve their stability and contribute to their long term sustainability.
“We have made a number of One Wales commitments on credit unions. These include securing all-Wales coverage, which we achieved late last year, establishing access for secondary pupils and helping credit unions to offer more Child Trust Fund accounts. The money we have previously allocated has been put to good use and is making a positive difference to people’s lives. This extra £1million will build on this. It will allow credit unions to be established on a sounder financial footing in order to help even more people."
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A credit union is a community owned 'bank', owned and managed by its members and offers an easy and convenient place to save, and access to low cost loans.
