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Credit unions will get an extra £600,000 of Welsh Government funding to help support people during the cost-of-living crisis.

It follows last year’s £620,000 Welsh Government investment in credit unions to support people struggling financially.

During a visit to Caerphilly-based Smart Money Cymru, Wales’ Social Justice minister, Jane Hutt, said: “Welsh credit unions work incredibly hard in support of our journey to promote social justice and tackle poverty across Wales.

“Their services have been – and will continue to be – vital to people suffering financial difficulties during this unprecedented cost-of-living crisis. I’d like to thank them for their commitment to providing access to fair and affordable credit.”

Ms Hutt urged people who are struggling and “may be at risk from high interest doorstep lenders or loan sharks to instead turn to their local credit union, which can provide access to fair and affordable credit”.

Ms Hutt’s visit follows an additional £121,033 of support for Smart Money Cymru Community Bank and Merthyr Tydfil Borough Credit Union to help with the cost of upgrading IT equipment, bringing them in line with high street banks.

Mark White, chief executive of the not-for-profit Smart Money Cymru, said: “The capital support from Welsh Government for investment in new IT has been a tremendous boost, which will allow Smart Money to grow and develop new affordable banking services.

“The additional funding to support our lending to those least able to access finance means we can target our loans at those who most need credit in these challenging times.”

Smart Money Cymru has offices on Cardiff Road in Caerphilly and on Wesley Road in Blackwood, as well as an office in Tredegar.