What is it?
Credit unions are cooperative, self-help organisations owned, used and democratically controlled by their members only. Credit unions are different from mainstream banks in that they distribute any profits to members in dividends rather than to shareholders. This means that the cost of providing loans is often smaller than from mainstream banks and the money stays in the community. In addition, Credit unions are FCA registered, which means your cash is protected (up to £85k) if the organisation goes bust.
- More information on community finance
Who’s doing it?
Greater Manchester: Mapping credit union services
In Greater Manchester, the Centre for Voluntary Organisation and the Church of England Diocese worked together to map the services that credit unions provide throughout Greater Manchester and set up a network to enable greater coordination. The diocese produced a short film to promote membership of credit unions, seeking to change assumptions about credit unions and encourage more middle-income people to join, thereby increasing the pool of shared resources.
- More info here
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