2021: our milestones and highlights
2021 has been another difficult year for business, not helped by further lockdowns at the beginning of the year, and other covid restrictions thereafter, which is why we are proud that there have still been many significant successes for Salford Credit Union.
To finish the year off on a positive note, here are a few of them:
Salford Family Loan
Salford City Mayor, Paul Dennett, supported the launch of our new Salford Family Loan product last November. This loan enables local families to borrow up to £500 and build up their savings while repaying the loan. This has proved to be a really helpful product during the last year, with over 500 new Family Loan members joining us. As we charge a lower rate of interest on these loans compared to many commercial lenders, this has helped save these members around half a million pounds- keeping that money in our members’ pockets and in our local communities.
Became a Living Wage Employer
We were proud to announce in January that we became a Living Wage employer.
We joined more than 7,000 other UK businesses voluntarily paying the Living Wage hourly rate, which is independently calculated and updated annually, to take into account what people really need to live a good quality of life.
First ever online AGM
This was very successful and attendance was even up by 20% from the year prior which was a great achievement. We were helped by our trade body ABCUL who provided the online facilities which meant that people could join the AGM to hear the presentation and take part in voting in the election.
HOST partnership
The first partnership of its kind in SCU history, we partnered with HOST to help founders from diverse and disadvantaged backgrounds access funds at affordable rates as many start-ups and technology entrepreneurs struggle to secure credit from mainstream lenders. The loans from SCU will be subject to entrepreneurs enrolling on HOST’s business and innovation growth programmes.
in backing these entrepreneurs with ethical and affordable lending we hope to help them build and launch sustainable businesses, create jobs and add social value to the Salford area.
First ever Credit Union Awareness Month
Having historically celebrated an awareness ‘week’ this was to be the first time that we, along with seven other communitycredit unionsacross Greater Manchester – collectively known as Sound Pound – launched a Credit Union Awareness Month to get people to talk about their financial health.
The ‘How’s your balance’ campaign aimed to make people aware that balancing your money was a lot easier and more affordable when you were a member of a credit union.
Special thanks has to go to Salford Council for providing us with prominent advertising space for two weeks of the awareness month which we were able to make the most of to promote the campaign.
Secured a partnership with Stop Loan Sharks
At the end of summer we joined forces with Stop Loan Sharks and secured funding to raise awareness in Salford of loan shark risks.
We are now working in partnership with community organisations to develop an art mural which will be in place early 2022 to signpost people to support and highlight the risks of using illegal money lenders.
Busiest month in SCU history
In November of this year we were extremely hectic and recorded the busiest month on record in terms of loans and amount lent – we lent our members 180k of affordable loans and provided 377 people loans.
Welcomed new trustees to the board
We welcomed two new fantastic new trustees, Wilson Nkurunziza and Haroon Majid who both stepped up to the task of joining the board and were elected at the AGM in March. Both trustees are doing a great job and we are so grateful to have them on board.
Our members
Salford Credit Union would be nothing though without its members so the last achievement to shout about is the fact we now have more than 4000 members who have built up £3 million in their savings pot.
If you would like to becomes a member of Salford Credit Union then get in touch by phone, email or go online and learn more about how we may be able to help you.
