Churches Mutual lends £1m
16 Jun 16
Churches Mutual Credit Union (CMCU) has loaned over £1 million to members in its first year of lending.
The credit union was launched in February 2015 to serve ordained ministers, lay ministers, employees and trustees of the Church of England, the Church of Scotland, the Methodist Church, the Scottish Episcopal Church and the Church in Wales.
CMCU granted its first loan in May 2015, and passed the £1 million mark in April 2016. In addition to 113 car loans, the new credit union has helped members purchased two caravans and a motorbike, helped improve seven homes and furnish two others, and helped a couple pay for their wedding. The credit union has also helped 12 households turn unmanageable debt into affordable credit.
In its first 15 months of operation, the credit union has attracted more than 700 members and holds over £1.6 million of members’ deposits.
CMCU Chief Executive Hilary Sams said: “Although many of our members are ordained ministers, our common bond is wider than that and includes Parochial Parish Council members, trustees and office staff from five (shortly to be six) different denominations, resulting in a membership that is as diverse as our churches.
“We aim to continue to do our part in promoting credit unions as a mainstream alternative in the financial sector and widening the scope of membership to individuals from all walks of life and financial circumstances.”
CMCU will shortly be able to offer its services to ministers and staff of the United Reformed Church too.