Credit Unions come together to create £15m recovery plan

Eight Community Credit Unions have joined together to launch a Covid-19 recovery plan that will offer £15m in financial support to people across Greater Manchester.

The Sound Pound consortium is made up of Manchester Credit Union, South Manchester Credit Union, Stockport Credit Union, Cash Box Credit Union in Tameside, Wigan-based Unify Credit Union, Hoot Credit Union in Bolton, Salford Credit Union and Oldham Credit Union.

David Batten, chief executive of Hoot Credit Union and chair of the Sound Pound consortium, said: “We have come together to launch this joint recovery plan and to pool the resources and financial support we have available.

“Together, we have a very clear objective to rebuild communities, support people and lend responsibly. And, by doing this, it will also provide a vital boost to the local economy.

“We want to encourage anyone who is struggling financially due to the impact of Covid to speak to their community credit union about their borrowing needs.

“By supporting local people and offering them credit, it will increase spending and keep our economy moving forward. It’s a cycle and, if we work together, we can keep going.”