What is a Credit Union?
“Credit unions are small, non-profit financial organisations set up by members with something in common to benefit their community” www.Moneysavingexpert.com. They appeal to those who may struggle to manage their money, and may not qualify for high street borrowing, and also those who want to benefit their neighbours. They are a financial community whose membership may be defined by the area in which they live and/or work, and/or by their professional affiliation.
Solent Credit Union.
Members of Solent Credit Union live or work within the SO postcode area. Funds are raised from savings deposited at the main office on East Street in Southampton and at Member Service Points located within the postcode area. Visitors are welcome to set up saving accounts, make deposits and talk through any financial issues they may have. Once deposited, funds are then available to be lent to members who may be financially disadvantaged or have problems securing credit at a reasonable rate of interest.
We offer a suite of financial services to our members, including loans, as well as the chance to chat informally and confidentially about their financial affairs. www.solentcreditunion.co.uk
We are always looking for active people who want to support their community and share their life and work experience on its Board. We welcome current and retired professionals to join us to contribute to the development and fulfilment of business plans and services, on behalf of members.
We want to broaden our base and are particularly looking for people who have a range of different backgrounds and are interested in, and have worked with, local communities. Experience in marketing/communications and fund raising are also important to us. The ability to ask searching questions is also a valuable attribute. We are also keen to include people from minority ethnic groups and to create a balance of male/female membership on the Board.
What does a Board member do?
The Board is responsible for overseeing the strategic development of the Credit Union and contributing to its performance. Board meetings are held each month and members are expected to read reports and proposals, and contribute to debate and decision making. They may join sub-committees or working groups if a particular topic interests them and matches their skills. They are collectively responsible for ensuring that the Credit Union complies with its legal obligations
How much time would it take?
Board meetings are held each month and last for up to two hours. Board members are expected to read any available papers beforehand. Additional time may be needed if you are involved in sub-committees or working groups. This is mutually agreed and depends on individual availability as well as progress being made. Directors are also expected to attend training events and business planning days during the year.
How do I apply?
Telephone 02381 788375 or send an email to firstname.lastname@example.org to express your interest. We can then put you in touch with the Chair of the Board and any of the current Board members for further information. New Board members are voted for by the members at the AGM. This is held before the end of June i.e. within 6 months of the end of the financial year.
- Provides evidence of an ethical organisation that is keen to engage with the community.
- Is an effective and low-cost way of developing employees’ skills especially leadership skills. May be integrated into a leadership development programme and CPD requirements.
- Can contribute to personal development and be a notable contribution to a CV
- Can be attractive to younger people who want to contribute to the community.
- A rewarding experience giving an opportunity to have an impact on the effectiveness of an organisation.
- Can help aspiring NEDs to develop experience at board level.
- Provides an opportunity to learn and practise “soft” skills such as influencing, and how boards work.
- An opportunity to develop a range of skills.
- Improves CVs and potentially confidence.
A constructive opportunity for those who are working reduced hours or considering retirement.