Northern Community Bank attended a reception held within the Palace of Westminster where members of the All Party Parliamentary Group (APPG) on Community banks and representatives from the Lloyds Banking Group outlined their commitment to supporting the Credit Union movement.
The reception was hosted by Chair of the APPG on Credit Unions Jeremy Quin MP, Chair of the Credit Union Foundation Lord Roy Kennedy, and also heard speeches from the Economic Secretary to the Treasury John Glen MP, Minister for the Department for Work & Pensions Guy Opperman MP and Managing Director of Lloyds Bank and Bank of Scotland at Lloyds Banking Group Robin Bulloch.
Northern Community Bank were successful in a recent application to the Lloyds Banking Group Community banks Development Fund for £50,000, which has been used to open a branch within SPE Furnishings and employ a member of staff, whilst giving us the confidence to purchase and renovate new premises on St James’s Street in Burnley. The event was held a stone’s throw from both the sitting Houses of Commons and Lords, within the Strangers’ Room. Which saw representatives from Community banks who submitted successful grant applications, receive praise for both their grant proposals and positive effect on local communities.
Lloyds Banking Group’s funding forms part of their ‘Helping Britain Prosper Plan’, originally set up to provide £1 million each year to Community banks for four years. Following on from the success of the first four years, amazingly Lloyds has agreed to contribute another £1 million of additional funding in 2018 in partnership with The Credit Union Foundation.
John Glen MP assured the gathering that the Credit Union sector in the UK had the full support of all parties in Westminster and spoke about the funding from Lloyds Banking Group
I am committed to promoting the benefits of Credit Unions, there are over 400 of them across the country, serving 1.9 million members, and each plays a vital role for the people and community they serve. This funding from Lloyds is fantastic news for the sector and I hope that other banks follow by example.
The Lloyds Banking Group Community bank Development Fund has so far helped 66 Community banks lend over £20 million to its account holders, with this number set to exceed £25 million by the end of 2018. Robin Bulloch, Managing Director, Lloyds Bank & Bank of Scotland explained that consultation with Credit Unions across the country had identified the best way to support the sector was by providing funding to help us grow and strengthen the services we provide to local communities
As part of our ambition to be the leading supporter of the UK’s Community banks, we are contributing an additional £1 million to provide sustainable lending to even more Community banks, and in turn, their members. Over 66 Community banks have benefited from the funds support to date, helping over 400,000 members across the UK, underscoring our commitment to Help Britain Prosper.
Northern Community Bank’s Marketing and Development Officer, David, attended the reception on behalf of Northern Community Bank and was encouraged with the detail of the speeches
It is great to hear that Credit Unions will continue to get the full support of MP’s, we need help with regulation that allows Credit Unions to continue to grow and serve our community. Coupling this with continued support promised by the Lloyds Banking Group we will continue to offer a service much needed in Burnley and Pendle. It was great to speak to Nick Williams, Lloyds Banking Group’s Northern Ambassador, regarding the different ways many Credit Unions are being supported in the North by the fund. Northern Community Bank are grateful for the £50,000 grant we received from the Lloyds Banking Group Credit Union Development Fund and are certain that it will enable us to increase the numbers of both savers and borrowers from our community.
