Record-breaking £100k lent in July by Stockport Credit Union
03 Aug 18
Stockport Credit Union (SCU) has broken their record amount of lending in one month by doubling their monthly average of loans.
SCU now with over 3,000 members has lent over £100,000 to 150 local people in the last month. The results are partly thanks to collaboration with local community groups in fundraising, organising and promotional events helping to get the credit union known about locally delivering new membership.
In the last two years SCU employed a payroll development officers with the Lloyds Banking Group Credit Union Development Fund seed grant through the Credit Union Foundation. In that time SCU have signed up 12 new payroll employers, and is issuing £26,000 on average per month in payroll loans.
Manager of SCU, Helen Wilman says “This record-breaking month builds on a year of exceptional growth as more people value the convenience and care provided by the local credit union. We’ve seen 20 local employers offer our savings and loan scheme through payroll deduction which means that over 16,000 workers in Stockport can now save and borrow easily through their payroll.
“There is a real buzz about the credit union, people are talking about us, and telling their friends and neighbours to use us. Because we are local and independent everything that we do is only for the benefit of our members, and this is reflected by the increased numbers of people now being recommended to use us.”
SCU are looking forward to continuing providing its services to the community and in the upcoming months will launch a new and improved website.