Cash boost for Harlow Credit Union

Lifestyle / Thu 2nd Aug 2018 at 07:59am

Lloyds Bank fund is helping Harlow Credit Union achieve its ambitious expansion programme

Investment in a full range of online capabilities now means Harlowsave Credit Union is able to open up its financial services to many more people within Essex and East Hertfordshire

Harlowsave Credit Union (HSCU) is a local financial cooperative based in Harlow town centre. It has been serving the local community for over 30 years and provides ethical, straightforward and affordable banking services including loans and savings accounts. Harlowsave focusses on member needs rather than profits and actively helps people through financial difficulties.

In 2017 Harlowsave was awarded a £20,000 grant by Lloyds Banking Group to support administration costs for its planned development and expansion programme.
Receiving the grant has been an invaluable financial boost for Harlowsave.

Since receiving it Harlowsave has been able to expand its capability and offerings by developing a full suite of online services and mobile app. Members can now manage their accounts 24/7 and join and apply for loans on-line. Efficient use of the fund has allowed Harlowsave to further invest with an update of their website already in process.

Harlowsave continues its development plan and expansion across Essex.

Lloyds Banking Group Development Fund was established in 2014 as part of Lloyds commitment within its Helping Britain Prosper Plan. The plan is run in partnership with the Credit Union Foundation to promote responsible lending and is helping credit unions within their local communities to sustain growth, develop new strategies and innovate. Allocation of the grants are limited each year, with applications going through a tight eligibility assessment before the award is given.
Lloyds continued commitment and support for credit unions over 4 years has been a huge help particularly during a time where competition and changes within the financial sector has been challenging.

Harlowsave is very grateful to have received the grant and with the continued help and support it receives from Llloyds Banking Group.

Chair of the Credit Union Foundation and Development Fund Grants Committee, Liz Barclay said:
 “The Credit Union Foundation is proud to work in partnership with Lloyds Banking Group. Their £4 million investment over four years is innovative and pioneering and now that we’re into the third year of the scheme we’re seeing a big impact on sustainable credit union growth.  Credit unions provide an ethical and affordable financial service to some of the hardest to reach and most financially excluded communities in the UK. We’re seeing good quality applications for these capital awards from credit unions committed to expanding and improving the services they offer those communities.”

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1 Comment for Cash boost for Harlow Credit Union:

2018-08-03 20:39:17

HarlowSave credit union is a fantastic organisation, encouraging people to save, and an ethical alternative to loan sharks. Proud to save with them, and hope I don’t need their loan facilities, but great to know they are there if I do. Wonder how many councillors support them (apart from Karen Clempner, obviously)

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