WCCU reports record year
30 Mar 16
Wolverhampton City Credit Union has reported record levels of savings and loans.
The credit union’s members heard the good news at their Annual General Meeting on 21 March, as well as news of a 25% growth in membership over the year.
And the credit union’s strong performance means that members will receive a dividend of 2% on their savings for the year ending 30 September 2015.
WCCU Chair Alfred Williams said: “Wolverhampton City Credit Union is one of the city’s truly outstanding success stories. Started by a small group of enthusiastic volunteers nearly 15 years ago, it is today a substantial not-for-profit business with £2.2 million in savings and £1.2 million in loans. And since we are owned and controlled by our members, it is they – not shareholders – who will benefit from our strong performance.”
Highlights reported to the AGM included the increase in membership to 6,500, an 83% increase in income generated to £318,500, a reduction of bad debt to £27,000 and the successful transfer of engagements from the former NEW Friends Community Credit Union.
The credit union has provided an affordable source of credit to people in Wolverhampton, including those who might otherwise use high cost lenders.
Alfred Williams said: “We don’t charge more than 2.5% per month on our loans. As a result, the credit union has increased the number of loans offered from 2,486 to 3,843 and has grown by over 25 per cent in 2014/2015. Word is getting out that we’re not only an ethical bank, we’re also a very competitive one.”