First Rate receives £100,000 grant

Friday 01st Mar, 2019

Lloyds Banking Group invest

First Rate Credit Union has been awarded a £100,000 grant by Lloyds Banking Group through its Credit Union Development Fund to invest in providing services to BAE Systems people.

First Rate Credit Union offers savings accounts and affordable loans to BAE systems People across the country.

Established in 2014, the Lloyds Credit Union Development Fund is run in partnership with the Credit Union Foundation. Over the past five years, the Fund has awarded 30 northern credit unions with £1.7 million to support members across the north of England.

The Fund is designed to strengthen the financial position of credit unions to enable them to provide much-needed responsible lending to local people and organisations.

First Rate Operations Manager Mike Barry said, “First Rate Credit Union has seen strong growth over the last few years and has faced the challenges of meeting capital requirements that many credit unions recognise. We welcome this generous award from Lloyds Banking Group which will help to underpin our regulatory capital and to allow continued growth as we offer fair, easy and affordable financial services to our growing membership.”

Lloyds Banking Group Ambassador for the North West, Nick Williams, said: “As part of our commitment to helping Britain prosper, we’re proud to offer support with this grant to First Rate Credit Union, who has provided financial help and advice for BAE Systems employees for almost forty years.”

The Lloyds Credit Union Development Fund grant for First Rate Credit Union forms part of Lloyds Banking Group’s Helping Britain Prosper Plan, as part of which it has donated £1 million a year to credit unions since 2014, to better enable them to offer affordable loans and savings services to their members.

To find out more about Lloyds Banking Group’s Helping Britain Prosper Plan visit:

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