Credit Union Reaches Another Milestone
1 October 2016
October 1st 2016 marks our third birthday. Reflecting on the Credit Union’s achievements to date, EdenSave Chair Adrian Rush comments
“The past three years have proved the need for a Credit Union in Eden. Over 500 people have signed up as members. Many are saving regularly, or when they can, building up nest eggs that guard against unforeseen bills or enable the realisation of some future ambition.
Many members have applied for loans and over £200,000 has been lent to date. Applicants don’t need to be a member before they apply but they must join if the application is successful. Credit Union members know that however good or bad their credit history they will be given a fair hearing when applying for a loan.
EdenSave loans are making a real difference to our member’s lives. Loans have been granted to consolidate existing borrowing, start or maintain small businesses, purchase goods or services at affordable rates or for many other purposes. By granting loans the Credit Union enables members to avoid the very expensive loans offered by doorstep or payday lenders.
EdenSave is very grateful for the continuing support from local authorities, housing associations and local grant funders. Housing association tenants receive a £5 boost to their savings when they open an account. Local authority and grant funders have enabled the Credit Union to purchase much needed operating software and have also met a portion of the running costs of the Credit Union.
The Credit Union could not exist without its volunteer staff. Members give their time to carry out a range of roles. Anyone reading this article and interested in volunteering will be very welcome.
We are very grateful to members who have come forward to serve as directors. Directors are elected, by our members and to serve for a three year period. Recently the Board co-opted two additional members to serve on the Board up until the AGM next February.
Doug Elsby brings a wealth of senior corporate experience, of which 20 years has been at Board level. Mr Elsby has spent the majority of his career in commercial, business development and general management roles.
Tim Gerrard, a former RAF Wing Commander, has significant experience (in different industries) of international, high growth, rapidly changing, multi-cultural businesses. Mr Gerrard has taken on the role of Company Secretary.
Over the next twelve months the Credit Union plans to maintain its strategy of managed growth by recruiting even more members and granting more loans”.
A huge thank you to all our members and everyone who has us given support over the past three years”