Welsh Government Ministers have visited credit unions across Wales as they announced continued funding of just over £422,000 a year for the organisations which offer vital support to those struggling with their finances.
Credit Unions are not-for-profit, and owned by the people who use their services, rather than by external shareholders or investors.
Actively involved in communities throughout Wales, credit unions contribute to the economy and the financial wellbeing of members, who can save safely and borrow at an affordable rate of interest.
Credit unions can help those who might traditionally find it difficult to save through offering schemes such as payroll deductions. They also offer Christmas savings schemes that only allow withdrawals in the lead up to the festive season, which helps at an often-difficult time of year.
The Welsh Government provides credit unions with revenue funding to ensure they can develop a host of projects in communities aimed at boosting membership.
In a clear demonstration of the importance of credit unions in Wales, Ministers within the Welsh Government Cabinet took part in a coordinated visit across the length and breadth of the country, raising awareness of the services they provide, which includes ethical and affordable lending.
For further information please select the following link Hundreds of thousands of pounds of funding for ‘lifeline’ credit unions as Ministers urge those struggling to turn to a safe place for help | GOV.WALES
For further information on Credit Unions please select the following link Home - Credit Unions of Wales