A grant from the Manx Lottery Trust will help the Manx Credit Union to publicise its work.

The not-for-profit organisation, which established in 2016, provides savings and loan services for anyone aged 16 and over on the Isle of Man.

Owned and managed by its members, MCU is focused on the needs of its customers to provide ethical savings options and affordable loans.

Over the past two years MCU has established itself as a reliable credit union on the Island and has provided nearly 100 loans to local people, for everything from home improvements to school uniforms and training courses. The co-operative allows its 450 members to have a say in the running of the organisation, consulting with individuals on a regular basis.

The grant awarded by the Manx Lottery Trust will help MCU raise awareness of its products and services, targeting its campaign towards those who would benefit most.

Wendy Shimmin, from the Manx Credit Union, said: ’On the Isle of Man there is a gap in existing financial services for individuals who are only able to save small amounts or need small loans.

’Typically, these types of loans have been serviced by payday lenders (with extremely high rates of interest) or by credit and debit card.

’MCU is different in that it appeals to those who are looking for an ethical banking alternative - our members know their money is being put to good use in the local community. Our mission now is to make more people on the Isle of Man aware of the products and services we offer, and how we can benefit them.

’I’d like to say a huge thank you to the Manx Lottery Trust for its support of MCU which will give us the opportunity to reach more people and, in turn, will improve the service we can provide.’

The chairman of the Manx Lottery Trust, Sarah Kelly, added: ’Manx Credit Union is a really worthwhile co-operative which can benefit local people in a number of different ways. We are pleased to support it.’