Salford Credit Union unites with Greater Manchester Community Credit Unions to unveil £15m support in Covid recovery plan
Salford Credit Union has joined forces with seven other credit unions across Greater Manchester to launch a Covid-19 recovery plan that will offer hope and a total of £15m in financial support to millions of people across Greater Manchester.
Salford Credit Union, which currently has 3800 members across the city, has made £1million available to lend to local people in need of affordable credit, who may otherwise turn to high-cost lenders.
The consortium, known as Sound Pound, wants to show communities across Greater Manchester that there is light at the end of the tunnel and that their local community credit union is there to support them at this time of uncertainty and financial hardship with an affordable loan package.
Sheila Murtagh, chief executive of Salford Credit Union, said: “All of the Greater Manchester Community Credit Unions have come together to launch this joint recovery plan which has a clear objective – to rebuild our communities, support our people and lend responsibly. This will also provide a vital boost to our local economy.
“We want to encourage anyone who is struggling financially due to the impact of Covid to speak to their community credit union about their borrowing needs. By supporting local people and offering them credit, it will increase spending and keep our economy moving forward. It’s a cycle and, if we work together, we can keep going.”
The Sound Pound consortium is made up of Manchester Credit Union, South Manchester Credit Union, Stockport Credit Union, Cash Box Credit Union (Tameside), Unify Credit Union (Wigan), Hoot Credit Union (Bolton), Salford Credit Union and Oldham Credit Union. All eight have signed up to the initiative in order to provide support to their local communities.
Credit Unions are ethical, not-for-profit financial organisation. They are there to put people first and to help anyone who needs financial support. Credit unions also help people to save for the future and become financially independent.
David Batten, chair of the Sound Pound consortium, said: “Our communities are really struggling right now. Many who never experienced debt or hardship before, are facing a very uncertain future and we can help. Because of the unique way that credit unions operate, we are able to lend money to help them with their day to day living costs and even help them save for a more secure future.”
Sheila continued: “Credit Unions offer support to local people whatever their needs are. Whether they are a single parent struggling to make ends meet, or need some help with managing their finances and putting some money away. Credit Unions also work with local businesses offering Payroll deduction services so that employees can save or borrow direct from their salary, recognising that many working people are facing increasing pressures.
“Our Sound Pound recovery plan has been created to rebuild communities, support people and lend responsibly and it will play a crucial role in driving our local economy forward, helping all of us to build back better from the impacts being felt by our communities across Greater Manchester due to the Covid-19 pandemic.”
To find out more about the support offered by your local community credit union, visit www.soundpound.co.uk.