Banking group awards £50,000 to help credit union serve low income customers

A MAJOR banking group has awarded £50,000 to help a credit union serve low income customers.

Lloyds made the grant to LASER Credit Union, which offers loans to low earners in South Yorkshire and parts of Derbyshire.

Rotherham-based LASER has been based at Effingham Square since late 2016, after leaving its former home at the Old Town Hall arcade.

Staff offer crisis loans and savings services to those without access to banking, or people who may be tempted by high interest payday loans. LASER is one of 21 UK credit unions awarded a share of £1 million by Lloyds, which pledged to give £5 million away over five years.

The investment should enable the credit unions to lend an extra £25 million.

Director Alan Teale said: “We are very pleased to have been one of the winners of this prestigious award.

“The money will be used to restore our reserves, which in turn will allow us to continue supporting over 3,000 families in Rotherham.”