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  • Celebrating continued partnership between The Coalfields Regeneration Trust and SMC
Celebrating continued partnership between The Coalfields Regeneration Trust and SMC

01 May 2025

Celebrating continued partnership between The Coalfields Regeneration Trust and SMC

The Coalfields Regeneration Trust and Smart Money Cymru Community Bank renew their longstanding relationship to tackle financial exclusion in former coalfield communities.

The Coalfields Regeneration Trust (CRT) in Wales has supported the growth and development of Credit Unions since they were formed in 1999 in recognition of the vital importance of the provision of fair and affordable finance for all especially in the more deprived areas of Wales, of which former coalfields are a very significant part.

Over the past 25 years CRT has played a significant role in supporting credit union development in many, varied and innovative ways.  CRT funded the early stage development of Neath Port Talbot Credit Union, which later became Celtic Credit Union. They were the first independent funder to support credit unions in Wales, supported the establishment of the Debt Redemption and Money Advice Scheme over many years, helping several credit unions to increase their capacity to lend to those who would usually be declined credit supporting over 500 families in coalfield communities. Also, CRT was in the forefront of researching and funding the implementation of pre-payment cards and developing high street branches, such as the Tredegar branch in partnership with Smart Money Cymru and the local Authority and much more.

In more recent times CRT invested heavily in creating and developing HWB Cana in Penywaun a former mining community which was once the base of a large thriving a community centre, which became derelict for a number of years. CRT intervened and completely refurbished the building for community use and in recognition of the value of having a new and accessible credit union service in the heart of the village, in partnership with Smart Money Community Bank, included a new branch office service.

In 2022 they both agreed to the ambition to create a Credit Union Village in the heart of the Cynon Valley. The target being to recruit over 50% of all adults in Penywaun. Remarkably, with Welsh Government support in the form of a Credit Union development post since early 2023, 12.3% of residents are now members.

However, both parties recognise the need to do more to provide vital affordable and accessible credit to low income households. Alun Taylor Chair of Smart Money Community Bank stated:

‘The relationship with CRT has been critical to our recent development and demonstrates what can be achieved if organisations embrace partnership working to achieve their common goals. CRT’s innovative thinking and the underpinning support of key partners such as Welsh Government has been a significant factor in the success of this collaboration too, which I believe should be replicated throughout Wales'.

Recently, as per form CRT is one of the first organizations to support Smart Money’s new Community Investment Bond, launched at the HWB Cana recently. The Bond involves the deposit of capital funds from corporate bodies up to a maximum of £85K to help Credit Unions increase loans to the community, in this case increase affordable lending into the former mining communities of Penywaun and Tredegar.

The capital deposited is totally secure, covered by the Financial Services Compensation Scheme and repayable in a year with a small interest rate.  Fundamentally, it is a product for corporate bodies who want to proactively support their local communities in a real way, helping people manage debt, encourage saving and build back credit ratings to become more secure financially, support financial education in schools and much more.

Michelle Rowson-Woods Head of Operations for CRT in Wales said:

‘Smart Money Cymru is a highly valued partner who has helped CRT bring vital financial services to some of the most financially vulnerable people in former mining communities, tackling high interest and predatory lending. The relationship has gone from strength to strength over many years, CRT is very pleased to renew this relationship by investing in the Community Investment Bond with valuable capital to increase provision of fair, affordable and accessible finance directly to the communities of Penywaun and Tredegar where there is huge need. I would encourage others to work with Smart Money Cymru Community Bank, which offers so much to local communities'.

To find out more about the Community Investment Bond, get in touch with our team today.

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Celebrating continued partnership between The Coalfields Regeneration Trust and SMC

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