Credit Unions: Finance
The question
To ask the Secretary of State for Business and Trade, if he will request that the British Business Bank make an assessment of the potential merits of support for a central finance facility for credit unions.
Answered by Gareth Thomas
Credit Unions offer vital support, advice, and affordable finance to members. While there are no immediate plans for a central finance facility for Credit Unions, the government is committed to supporting underserved communities in all the nations and regions of the UK. In December 2024, the British Business Bank launched the Community Enable Funding programme, which is aimed at Community Development Financial Institutions (CDFIs) serving smaller businesses in underserved communities. Unlike Credit Unions, CDFIs are unable to raise customer deposits and so this central financial facility is expected to boost the growth of the social lending sector.
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