The Co-operative Credit Union celebrates 20 years of service at AGM
23 Feb 18
The credit union was officially launched in October 1998, the credit union began a small organisation however thanks to a dedicated group of individuals throughout the last 20 years the credit union has grown too a thriving operation servicing over 8000 members across a number of different cooperatives across Great Britain. After 20 years of dedicated service to the sector, CCU now has seven members of staff and 25 volunteers helping sustain the credit union.
At the AGM, CCU reported on their end of year finances and announced to members that they had managed over £5m of members savings and given out loans of £2.5 m.
CCU Chairperson, Chris Smith believes that credit union have never been more relevant. Speaking at the AGM, Chris said: “We are in good shape and have lent over £30 million since we started, and the future looks good in our 20th anniversary year of operation. I am extremely proud that from a relatively modest beginning the credit union has grown into a thriving operation, serving the needs of more than 8,000 members, and their families, drawn from a range of co-operative and mutual organisations across the UK.”
CCU also announced that in 20 years they have lent out over £30m. The credit union reported on their last five years of progress financially, memberships has increased by 64% , their assets have increased by 108% and cash increased by 587%.
However, Chris states that if the credit union is to remain an asset to members it must remain relevant and continue to offer competitive loans. He added, “It is clear that interest rates are about to rise from the historically low base we have grown accustomed to in recent years. Our members will be impacted by these forecasted rate rises. Indeed, around a quarter of our members have a household income of less than £20K per annum. As it was 20 years ago when the credit union was established our aim remains to provide members with a simple mechanism for saving and borrowing.