Fair4All Finance awarded a £150,000 grant to Bristol Credit Union
The grant was part of Fair4All Finance’s Covid-19 resilience fund
Organisations within the affordable credit sector were able to apply for grants of between £20,000 - £350,000
On Tuesday 26th May 2020, Fair4All Finance has awarded Bristol Credit Union (BCU) a £150,000 grant from its Covid-19 resilience fund. Fair4All Finance supports the financial wellbeing of people in vulnerable circumstances through alternative finance organisations like BCU. Fair4All Finance created a Covid-19 resilience fund to counteract the effects of the pandemic on the affordable credit sector.
Bristol Credit Union was awarded the grant to be used in the area of technical assistance and to support its efforts in managing the financial impacts of Covid-19. The grants are aimed at helping organisations move to a digital business model, including scaling remote services, costs of branch closures, and adapting organisational structures. Under the guidance of CEO, James Berry, the money has allowed the credit union to automate some services away from the branches, decoupling the phone system which was tied to the office and provided equipment such as headsets and laptops (for remote working). The grant is also being used for the introduction of direct debits, electronic signatures and other measures for members to shift away from a need to attend a BCU branch unless necessary.
James Berry, CEO of Bristol Credit Union
Commenting about their successful application, James Berry, CEO of Bristol Credit Union, said:
“Fair4All Finance is to be congratulated, not only on the concept of the resilience fund, but also for the speed in which it has been created and activated. This grant means we are able to serve our members effectively throughout the lockdown particularly, as many have been reliant on coming into our offices for much-needed financial support. By upgrading our systems, this means that fewer of our employees and members will need to come into the branch, making community banking with us safer for everyone during this unusual time. At the same time, we are able to provide forbearance measures for some of our borrowers. This all adds to to our provision during the pandemic which includes a zero interest loan scheme in place for NHS workers which has been well received and used.”
The Covid-19 resilience fund was designed to help the affordable credit sector come out of the pandemic in a resilient position, with the capabilities to grow and support customers in vulnerable circumstances. The fund awarded up to £5 million to the affordable credit sector, enabling credit unions to apply for grants of between £20,000 - £350,000. Bristol Credit Union received the entirety of the £150,000 that they applied for and will be using the money to help their members in Bristol, Bath, and the West of England.
With the help of this grant, Bristol Credit Union are set to do what they do best - helping the people of Bristol, Bath, and the West of England overcome financial challenges.
For more information on the services Bristol Credit Union offer and what they are doing to help the local community during this difficult time, go to their website, follow them on Twitter, or connect with them on LinkedIn.