Set up by local churches, activists and other members of the community in response to a need for local community finance, South Manchester Credit Union has been providing financial services to its members since 2000.
Major growth of the organisation during 2012 enabled the SMCU to move from a local church to a shop on Fog Lane, Burnage, with an additional seven pop-up branches at different locations in South Manchester, which has increased its visibility.
Since April 2013, Manchester City Council and Manchester Credit Union have been providing loans through MCC’s Welfare Provision Scheme. In March 2015, the active membership stands at 3100, the loan book is £1.3m and member deposits are £1.7m. The Credit Union has issued £9.8m in loans since they first opened their doors, with the average loan standing at £600. Last year CU membership swelled by 12%, saving deposits increased by 18% and the loan book grew by 11%.
Currently working with City South Housing on plans to offer financial budgeting guidance for new Universal Credit Claimants in a pilot project, SMCU is ever-expanding its accessibility.
Credit Union services include: savings, loans, Christmas Club and Young Saver accounts. Member service is at the heart of all work, and face-to-face interaction is available for all member transactions.
For more information, check out our website at: smcreditunion.co.uk
Or our twitter account: @SmCreditUnion