Manchester Credit Union has joined forces with seven others to launch a Covid-19 recovery plan that will offer a total of £15m in financial support to millions of people across Greater Manchester.
Manchester Credit Union, which currently has 30,000 members across the city, as well as, Bury, Rochdale, Tameside, Trafford, and the High Peak, has made £6m available to lend to local people in need of affordable credit who may otherwise turn to high-cost lenders.
The consortium of credit unions, known as Sound Pound, wants to show communities across Greater Manchester their local community credit union is there to support them at this time of uncertainty and financial hardship with an affordable loan package.
Christine Moore, chief executive of Manchester Credit Union, said: “We have come together to launch this joint recovery plan with a clear objective – to rebuild our communities, support our people and lend responsibly.
“We want to encourage anyone who is struggling financially due to the impact of Covid to speak to us about their borrowing needs.
‘Christmas can often be a particularly difficult time for people and this year, with the impact of the pandemic, we want to help people take control of their money matters without turning to unscrupulous lenders who won’t have their best interests at heart.
“By offering people affordable credit, it will benefit the whole city, too – by increasing spending and keeping our local 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.
To find out more about the support offered by your local community credit union, visit www.soundpound.co.uk.