Leeds Credit Union says its record start to 2026 shows why affordable local lending matters, as the Government backs a new £30 million Credit Union Transformation Fund through Fair4All Finance and plans membership rule changes to help credit unions grow.

Leeds Credit Union has underwritten £3 million of lending in the first quarter of 2026, including a bumper £1.2 million in March, in what would mark a record period for the organisation. Based on its comparison with high-cost doorstep lenders, the credit union estimates this level of lending could save people across Leeds and the wider communities it serves £2.3m in high-interest repayments they would otherwise have paid.

The wider national backdrop matters. In its financial inclusion strategy, the Government said it would launch a new £30 million fund to support credit union transformation in England, alongside common bond reforms and rules governing who can join a credit union, to help the sector grow in Great Britain. Fair4All Finance says the fund is backed by dormant assets funding and is intended to help credit unions scale sustainably, modernise technology and collaborate regionally.

That matters in Leeds, where official deprivation data shows 84 neighbourhoods are among the most deprived 10% in England, including seven in the most deprived 1% nationally. A 2024 population update estimates 153,076 Leeds residents, including 38,191 children, live in neighbourhoods in the most deprived 10%, and Leeds ranks fourth among the English core cities by number of neighbourhoods in that group.

James Brown, CEO of Leeds Credit Union, said: “This is about much more than a lending figure. It is about helping people borrow safely, deal with everyday costs and avoid being pushed towards high-cost credit when money is tight. Our record start to the year shows the scale of demand for a fair alternative, and just how much more credit unions can do for local communities when affordable finance is available.”

Leeds Credit Union said its recent growth reflects both rising demand for affordable finance and the changes it has made to help more people borrow and save locally.