Solent Credit Union – Aims
Solent Credit Union is a financial cooperative, which means that it owned and run by its members for the benefit of its members.
Broadly, the Credit Union has 3 main aims:
- To provide education and training for our members so that they are better able to manage their money.
- To encourage its members to save. Even saving a small amount each week can result in a reasonable amount of money being accumulated, which can be useful either to provide a cushion agains unexpected financial events or to save up for a specific purchase.
- To provide a facility for members to borrow. We provide loans to our members many of whom find they can not borrow from a bank. While we would always recommend saving as a means to accumulate the funds for larger purchases, we realise that is not always possible and so our loans provide a source of credit for our members. We lend smaller amounts than would normally be available from a bank, and our rates are much lower than alternatives such as payday or doorstep lenders
The rules of the credit union are available on our website and the section about our aims or “object” can be found on page 7.
We incur a number of expenses in running the credit union, for example the rent on our office in East Street and staff costs. While the interest on loans does generate income, unfortunately, it doesn’t completely cover our expenses. This is nothing new. Over the years, the credit union has been in receipt of various grants and other financial support. If you are interested in more detail about our income and expenditure you can look at our annual accounts on the web which can be found along with the minutes of the AGM in this news item on the website.
Therefore to help ensure the financial stability of the credit union and to ensure that we can continue to give the best service to our members, we have decided to ask our members for some financial help by way of donations towards the running costs of the credit union.
Although we did recently increase our joining fee from £3 to £4, we are reluctant to introduce any additional fees or charges because, quite simply, we don’t want to affect members who would struggle to afford any increase.
With donations we hope that those members who are fortunate enough to be able to afford it might be able to help us, without affecting members who would be less able to contribute.
We are trying to raise a fairly significant amount of money, but even a small donation will be useful because many small donations will accumulate into a larger sum.
If you do feel able to make a donation, would just like to discuss the possibility then please give us a call on 023 8178 8375. We can either withdraw the donation from your share account, or else give you bank details if you would like to make a direct payment. If you prefer cheques made payable to Solent Credit Union can be sent in the post.
Finally, we would like to express our thanks to those members who have already made generous donations, and also thank Southampton City Council who have also provided us with some much appreciated financial support.