Welsh credit unions to get £1.7m over three years

Welsh government minister Jeff Cuthbert says the funding is intended to help the organisations remain sustainable and reach more people

Jeff Cuthbert
Jeff Cuthbert

The Welsh government is to give £1.7m to Welsh credit unions over the next three years.

Jeff Cuthbert, the Minister for Communities and Tackling Poverty, said the funding was intended to help put credit unions on a sustainable footing and reach more people.

Credit unions are non-profit-making cooperatives whose members can borrow money from pooled deposits at low interest rates.

The Welsh government wants to increase the membership of credit unions from 72,000 to 143,000 by 2020, equivalent to 6 per cent of the population.

"We want to make sure credit unions go from strength to strength and become a permanent sight on Welsh high streets," said Cuthbert.

He said the government had provided financial support for credit unions over a number of years.

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