Cabinet Secretary Announces £422,334 For Credit Unions

Cabinet Secretary for Communities and Children, Carl Sargeant today announced £422,334 funding to support Credit Unions in Wales for the 2017-18 financial year. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

The funding will help deliver commitments set out in our Financial Inclusion Strategy which aims to support the most financially excluded members of society to access affordable financial services. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

It will also help credit unions to work towards securing long-term, independent sustainability for the sector in Wales; supporting the growth of membership across Wales; and promoting effective co-operation and joint working between Welsh credit unions. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

The Cabinet Secretary said: ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

“Credit unions can help those who can’t get access to ordinary bank products and are a welcome alternative to payday lenders. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

“This funding builds on the programme over the last three years which has helped to encourage savings, offer accessible loans and work in our most vulnerable communities to attract more members and increase the loans and products they offer to all walks of life. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

“The Welsh Government is fully supportive of credit unions, but public funding of them must have more impact and lead to a sustainable model which delivers positive change across our communities. Credit unions must step up and demonstrate how next year’s funding will contribute to achieving full sustainability, whilst delivering against our Financial Inclusion commitments.” ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​