Lewisham Plus Credit Union Receives £200k to Increase Affordable Lending to Residents

14/03/2024

In February, Lewisham Plus Credit Union received £200k from Fair4All Finance to increase affordable lending across South East London. Lewisham Plus received the £200k long-term subordinated debt through Fair4All Finance’s Affordable Credit Scale Up Programme, designed to increase the supply of affordable credit for people in financially vulnerable circumstances.

This social investment of £200k long-term subordinated debt to support Lewisham Plus Credit Union’s growth plans follows previous grant funding of £30k to support their strategic merger with local employee-based credit union Crownsavers, a significant milestone in the promotion of financial wellbeing and inclusion in the area, with a total membership of 17,000 people.

“We are grateful for the substantial investment that we have received from Fair4All Finance to support our work in Lewisham and Bromley. We see many financially vulnerable individuals within our common bond.” Said Lewisham Plus Credit Union CEO, Ravi Ravindran.

Ravi continued: “We are committed to continuing our work to help them to deal with the increase in the cost of living in recent months and to enable them to manage their finances effectively by providing affordable credit and facilitating saving.

The investment from Fair4All Finance will allow us to expand our activities and introduce new products to broaden our membership and increase our positive impact within the community.”

You can read more about the social investment here.