DARLINGTON Credit Union has been awarded a £50,000 grant in recognition of its achievements and rapid growth over the past five years.

The Union was one of only 17 out of 91 who were successful in their application to the Lloyds Banking Group Credit Union Development Fund, which is contributing £4m in grants over the next two years.

Tony Brockley, CEO of Darlington Credit Union, said: “Over a five year period we’ve taken membership from 600 to 5,000, our investment has reached £1.3m and we have a loan book value of £800,000.

“Keeping the reserve asset ratio at the required level is difficult when you’re growing so quickly, so the grant will go to boost our reserves.”

Mr Brockley, along with Alan Coultas, Chairman of the DCU, was recently presented with the grant at an event held at the House of Commons, organised by Lloyd’s Bank.

With Robin Walker MP, Chair of the All-Party Parliamentary Group on Credit Unions, in attendance, the union was recognised for their achievements to date, and their vision for the future.

Mr Brockley said that the credit union wanted to continue to grow and were looking to attract a wider consumer base.

He said: “We offer a diverse range of loans, whether it’s for buying a car or for an immediate emergency.

“At our core we’re about supporting people who have problems, but we need to attract people from all socio-economic backgrounds to achieve this – the more people who invest, the more we can help those who need it.

“At the moment we need these grants to continue to grow, but eventually we hope they won’t be necessary.”