The following press release was made by Solent Credit Union following the AGM.
Members of Solent Credit Union were jubilant at their recent AGM to learn that Southampton City Council has decided to support the Credit Union to the tune of £25000. The support, in the form of deferred shares, comes at a critical time for the Credit Union, and will be used to help it re-engineer its marketing activities, and extend its product range of loans.
The credit union movement, widespread in other countries, is under-publicised in the UK. It draws its funds principally from well-meaning members of the public or, as in this case, public bodies, and makes loans to those in need, generally people who are excluded from mainstream financial and banking services, due to their circumstances.
Credit Unions are often regarded as more ethical and safer than pay-day lenders and other providers and play an important part in the well-being of the community as a whole. In addition to providing a safe haven for borrowers and a fair deal to borrowers, Solent Credit Union has also funded education and information sessions within schools and other institutions, about financial housekeeping, budgeting and how to save.
Please contact Alex Clarke at Solent Credit Union, 21 East St, Southampton, Phone: 023 8178 8375 for further details. The web site is http://www.solentcreditunion.co.uk/.