Local credit union secures funding to boost money management service

Coventry & District Credit Union Limited has received a £5,000 grant to fund a community-based financial network aimed at boosting financial capability in the local area.

The credit union plans to use trained local volunteers to help boost financial literacy in some of the most deprived communities in Coventry, where residents are often financially disadvantaged and are offered very little in terms of appropriate money management services.

The donation was provided by the Santander Foundation, which offers Discovery Grants to UK-registered charities for projects that help disadvantaged people in local communities.

The credit union offers localised saving products, low interest loans and free life insurance to its members. The union also offers budgeting cards which can be used for online discounts, bill payments and electronic payments in retail outlets.

The grant will be used to enhance the financial capability and budgeting skills of those experiencing financial exclusion and marginalisation. It will also go towards contributing to the personal development of people in the local community through volunteering opportunities.

Isabelle Osborne, Manager at Coventry & District Credit Union, said: “This is a great opportunity for us to work within a variety of communities throughout Coventry. The grant will enable us to educate a wider and more diverse audience in which many people will be able to benefit from money management training skills through credit union membership.”

Lackvinder Vraith, Branch Manager at Santander’s Coventry branch said: “The Santander Foundation makes hundreds of donations to local projects every year with the aim of assisting organisations, communities and vulnerable people throughout the UK. As a bank we understand the importance of financial literacy and the staff at our branch knows the great work Coventry & District Credit Union does in our community and we hope this grant will help them in their support for local people.”
 

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Notes to Editors

Media Contacts
Leonora Burtenshaw at Santander 
Email: Leonora.burtenshaw@santander.co.uk       Tel: 020 7756 4543

Isabelle Osborne – Manager, Coventry & District Credit Union Limited 
Email: coveastcu@googlemail.com       Tel: 024 7699 8099

About Coventry & District Credit Union Limited

The credit union offers localised saving products, low interest loans and free life insurance (subject to conditions). It also offers budgeting cards, these cards can be used for online discounts, bill payments and electronic payments in retail outlets. The credit union is committed to education, equality and equity.

For more information please visit: creditunioncoventry.com  

Santander Foundation
The Santander Foundation is at the heart of the Bank’s community activities, providing grants to small charities and social enterprises working with disadvantaged people to fund skills, knowledge and innovation projects across the UK. Discovery Grants of up to £5,000 are available to support three types of activity:

  • Explorer: improving people’s knowledge
  • Transformer: supporting skills and experience
  • Changemaker: innovative solutions to social challenges

Over the last five years, the Santander Foundation has provided £26 million in funding to 13,914 UK charities through Discovery Grants and Staff Matched Donations. For more information please visit: www.santanderfoundation.org.uk

Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. It has brought real competition to the UK, through its innovative products for retail customers and relationship banking model for UK SMEs. At 31 December 2017, the bank serves around 14 million active customers with c19,500 employees and operates through 806 branches (which includes 61 university branches) and 64 regional Corporate Business Centres. Santander UK is subject to the full supervision of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in the UK. Santander UK plc customers are protected by the Financial Services Compensation Scheme (FSCS) in the UK.