06 Aug Helping Credit Unions to support community businesses and sole traders
Engage parent company Contis, has bid for funds that will enable Engage Credit Union partners to provide support loans to sole traders and small businesses in their community.
The company has applied for two grants from the RBS & BCR Alternative Remedies Package, totalling £35 million.
UK businesses are facing a challenging economic environment with the impacts of Covid-19 and Brexit and SMEs will play a vital role in the country’s recovery. If the funding bid is successful, Engage will empower credit unions to maximise support for SMEs and sole traders within their community.
Over 150 Credit Unions currently use Engage services and technology, and hold an estimated £400 million in undeployed cash reserves. Developed with CIF funding, Engage for Business will enable Credit Unions to launch business accounts and payments products for the first time, and allow excess funds to be redeployed in the SME sector through business support loans. This will revolutionise access to funding for sole traders and small businesses.