Funding boost will help Pennine Community Credit Union support others
It is the second time the PCCU has successfully applied for support from the Credit Union Development Fund, with £50,000 also awarded in 2018.
That grant allowed the not-for-profit financial cooperative to build on their partnership with SPE Furnishings and contributed to the opening the St James’s Street branch in Burnley.
Chief Executive of Pennine Community, Kathryn Fogg, explained the positive impact the 2018 grant had on the credit union.
“The grant allowed us to create a branch within SPE Furnishings, on Briercliffe Road, and employ an additional member of staff to offer a real alternative to the pay weekly stores.
“It also helped Pennine to renovate a recently acquired town centre property. Bringing PCCU onto Burnley high street helped to showcase us to the local community as an alternative to high interest lenders.”
Established in 2014, the Lloyds Credit Union Development Fund is run in partnership with the Credit Union Foundation.
During the past five years the fund has awarded 30 northern credit unions a total of £1.7 million to support members across the north of England.
The fund is designed to strengthen the financial position of credit unions to enable them to provide much-needed responsible lending to local people and organisations.
PCCU is proud to be self-sufficient, however the rapid sustainable growth means that the credit union needs to increase financial reserves to comply with regulatory requirements.
The second successful £50,000 Lloyds Banking Group grant will be placed into PCCU’s reserves.
Mrs Fogg added: “We are very grateful for the award granted by the Lloyds Credit Union Development Fund. It has provided reserves, enabling us to continue to comply with regulatory requirements following the opening of our new branch in Burnley town centre.”
Lloyds Banking Group Ambassador for the North West, Nick Williams, said: “At Lloyds Banking Group we’re committed to helping Britain prosper, which is why we’re proud to support the Pennine Community Credit Union with this funding and help them make a lasting difference to families across Lancashire.”