A £10,000 grant has been awarded to Stroud Valleys Credit Union.

The grant will allow the community-owned loans and savings service, to direct more resources towards helping residents rather than their own operations as well as the rent they pay for their office in the Old Town Hall in the Shambles.

SVCU have helped hundreds of people around Stroud and Tebury avoid falling into the debt caused by borrowing from high interest credit lenders.

A recent report issued by the Financial Inclusion Service showing credit unions have a higher customer satisfaction rating than mainstream banks, along with the launch of Michael Sheen’s campaign to end high interest credit lending.

Anyone can benefit from the specially-designed loans service with its low interest rates, such as small businesses which often struggle to obtain credit from the big banks.

John Appleton, SVCU’s Chair of Directors said: "We’re so pleased that the district council, through this grant, has shown its support for helping local people become more financially resilient by making sure they can access our services.

"Also, everyone doing business with Stroud Valleys Credit Union is helping to support the local economy."

Karon Johnson, Business Support Officer for Stroud District Council, added: "Stroud District Council councillors are pleased to award this grant to Stroud Valleys Credit Union which forms part of our work to support organisations that are helping vulnerable people in times of hardship."