LCCU hosts international guests
01 Aug 16
A group of credit union leaders from Singapore has visited London Capital Credit Union and Islington Council.
The group from the Singapore National Co-operative Federation (SNCF) was greeted by the Leader of Islington Council, Councillor Richard Watts (pictured with SNCF Chief Executive Dolly Goh and London Capital Credit Union Chief Executive Martin Groombridge) at Islington Town Hall, and heard how the council had supported London Capital Credit Union to become the success it now is and how this benefits residents across the borough.
The group then visited the credit union in Archway to speak directly with members and staff about the credit union’s mission and the way it encourages saving and responsible lending to residents in Islington and beyond.
Cllr Watts said: “These are difficult times for hard pressed families in Islington and beyond, as many people deal with the rising cost of living.
“Multiple loans from payday lenders are a pathway to deeper poverty, and the council has taken action to support residents to avoid getting into problem debt.
“Part of this work has been to support London Capital Credit Union, as an accessible and affordable way for people to deal with their finances.
“I am very pleased to be supporting this organisation and the excellent work it does in Islington.”
Islington Council supported London Capital Credit Union with a one-off grant of £250,000 and provides annual revenue support funding of £25,000.
London Capital Credit Union Chief Executive Martin Groombridge said: “Credit unions are an ethical alternative to banks and other high street lenders and their way of working is designed to benefit all members.
“We are always pleased to be able to share our knowledge with others around the world and we enjoyed meeting the delegation from Singapore and welcoming them to London, and to Islington in particular.”
The delegation from Singapore was visiting the United Kingdom for the World Credit Union Conference, which was held in Belfast.
London Capital Credit Union is one of the fastest growing credit unions in Britain. In fact, in the space of a decade, the amount of members’ savings held by the credit union has rocketed from £436,000 to over £6 million.