The Welsh Labour Government continues to invest here in Wales with £422,000 awarded to credit unions across Wales during 2017-18. The money will help credit unions continue to support financially excluded members as well as help their longer term sustainability. Projects will include schools savings schemes and community engagement programmes.
Mid and West Assembly Member, Eluned Morgan said, “Credit unions are so valuable in helping people who are struggling to manage their money. Welsh Labour supports the financial security of our communities with its support for credit unions. Better access to responsible credit and saving opportunities makes a very real difference to people’s lives in Mid and West Wales.
“I’m delighted to hear that this new money will include community engagement programmes like the pilot project to tackle Door-to-Door Lending to be run by West Wales Credit Union Ltd, the Local Community Bank for Pembrokeshire, Ceredigion and Carmarthenshire; and schools savings schemes like the School Saver Scheme Development Programme to be run by My Community Bank Wales, a credit union serving many of our communities across Wales”.
Credit unions have supported more than 29,000 financially excluded members, with just over £23 million provided in loans to those who need this help, between April 2014 and December 2016.