At its recent AGM to discuss the 2019-2020 financial year, Stockport Credit Union confirmed that more people than ever before have turned to it for financial support as the devastating effects of the Coronavirus pandemic began to bite.
A record 1,108 new members joined, up 44% on the previous financial year. As credit unions across the country faced a variety of challenges, Stockport has grown its loan book by an impressive 14%. It ended the financial year having lent a record amount of money, processed a record number of loans, added a record number of members, and with the loan book at a record high. To finish this year of records with a cherry on top – it was announced on Saturday 27th March that the annual dividend for eligible savers would be an attractive 0.8% and that it would pay junior savers 1.2%.
“This last year has been incredibly difficult for everyone.” Said Chief Executive Jonathan Moore.
”We’re so proud of the help we’ve been able to offer the people of Stockport when they needed it most. Last year more people than ever joined us and started benefiting from using our services. Whether it was to help cover the cost of IT equipment for home-schooling – or to pay for school uniforms – our members have been helped in so many different ways.”
“As people’s finances suffered during Lockdown, we’ve seen a huge increase in the number of people turning to extortionately expensive “Doorstep Lenders”. These loans are often totally unregulated and have interest rates as high as several thousand percent. There are far cheaper ways for people to access credit and that’s where Stockport Credit Union is helping most.”
Stockport Credit Union is a mutual, which means that it is owned by its members and, as a not-for-profit organisation, it can keep interest rates low and affordable and accessible for people with less than perfect credit records.
Anyone who lives or works in Stockport postcodes 1-8 is eligible to become a member for free. It is a great way for local people and organisations to increase the supply of affordable credit in the community helping Stockport to becoming more financially independent and stable. Any surplus profit made is either given back to members in the form of a dividend or reinvested in the organisation to improve the service provision. Sign up today at StockportCU.com