Salfordians are getting a helping hand to manage their money, thanks to Newground Together and the Salford Credit Union.
Thanks to an award of £19,500, the credit union (based at the Langworthy Cornerstone on Liverpool Street and Brotherton House off Loganberry Avenue) will help people make wiser financial decisions, help reduce debt and also other causes of stress in an area where many people struggle by on low incomes.
The funding will allow more people access to vital services, offering a better alternative to loan sharks and high-interest pay-day loan companies. Clients will also get the chance to save or get access to low-cost loans they wouldn’t be offered through traditional high street banks.
Peter Jordan, Newground Together’s Executive Director, said: “It’s never been more important for families to take control of their finances, and Salford Credit Union will help people gain the skills to do just that.
“Through training their volunteers, they will be able to spread their knowledge more widely and give people access to vital services.
“This will not only help people manage their money and debts, but will also help people reduce stress and increase wellbeing and we’re very happy to support it.”
Chair of Salford Credit Union’s Board, Paul Whitehead, said: “Salford Credit Union is really grateful to Newground Together Charity for making these funds available.
“It will mean we will be able to have a staff member able to work out in the community with groups, which is important because many people in Salford do not know that the Credit Union can help them start build up savings and save them money if they need a loan.
“At a time when people are struggling with higher bills and less money in their pocket it is even more important if we can help them get more control over their finances. Salford Credit Union services are safe, responsible and affordable and available to people living or working in Salford- we help keep money local.”
City Mayor Paul Dennett welcomed the award and said: “Not everyone is aware of credit unions as, unlike payday lenders, they don’t have large budgets to advertise their great services.
“Salford Credit Union can offer trustworthy financial support and puts its members’ interests at the heart of everything it does.
“This award will make a huge difference to people’s lives especially given the reality of job insecurity and government cuts to welfare and local government budget. Credit unions can be a lifeline for those in urgent need and a service for every Salfordian.”
For more information about Salford Credit Union please visit: www.salfordcreditunion.com.