£30,000 boost to Suffolk credit union
Eastern Savings and Loans receives money from Lloyds Banking Group’s Credit Union Development Fund.
The credit union, which has its office in Ipswich, provides savings accounts and affordable loans to businesses and individuals in East Anglia.
Lloyds’ Credit Union Development Fund is designed to strengthen the financial position of credit unions to enable them to provide responsible lending to local people and organisations.
CEO at Eastern Savings and Loans Credit Union, Chris Mole, said: “We’re extremely grateful for this significant cash injection, which will strengthen our capital position.
“It is difficult to add to reserves while investing in the new technology and marketing needed to grow. This will help us boost our membership and still meet regulatory requirements.”
Over the past five years the fund has awarded nine East of England credit unions with £481,171 to support members across the region.