03/12/2009

Ceredigion's Credit Union wins £100,000 grant

Ceredigion’s Credit Union, CredCer, has been awarded a grant of £99,995 by the National Assembly.

The money was awarded so that the organisation can buy its own property, computer and office equipment. Brian Gibbons, the Assembly’s Social Justice Minister announced that CredCer would receive a tenth of the £1 million being made available to credit unions across Wales to enable them to reduce their costs by purchasing their own properties. This in turn will boost their balance sheets by ensure that they have long-term ownership of a substantial asset.

Elin Jones, Ceredigion’s Assembly Member, said about the award in her press release,
“During the current economic difficulties, credit unions have become increasingly important both as a way of providing a local and safe place for savings as well as tackling financial exclusion. By providing this funding, the Assembly Government is ensuring that CredCer has an even stronger financial footing through the ownership of its own office”.

Penri James, Plaid Cymru’s Westminster candidate, said,
“I know that CredCer’s presence in Ceredigion has made a great effort to tackle financial exclusion and poverty in the Ceredigion. From my work on the need to address child poverty levels in Cardigan, I appreciate the positive contribution which a credit union like CredCer can make and I hope that this additional funding can allow the union to further extend its activities”.

CredCer, which is based in Cardigan but operated throughout the county, was formed in 2005 as a way for people in Ceredigion to save and borrow money at beneficial rates of interest whilst retaining the money saved in the local community. It’s a not-for-profit organisation and is owned and controlled by its 1,200 members.

1 comment:

  1. I heard that a few members of staff had been made redundant recently by CredCer due to lack of funding to continue paying them. Surely with a funding boost such as this redundancies would be the last course of action. Surely the funding would free up the money already being used on rent etc to pay for the redundant employees posts.

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