A well attended Annual General Meeting of the Allerdale Credit Union heard Chairman Dr Martyn Evans report a significant improvement in financial performance. In a ‘bounce back’ year the credit union went from loss-making to breaking even, with the projection for the current year to produce a surplus.
New member Sue Hayman, Co-operative Party member and Parliamentary candidate for Workington, said she was delighted to support the credit union – a local co-operative dedicated to helping the constituency’s residents with secure savings and affordable loans.
Sue said: “ Credit unions provide an excellent alternative to high-cost lenders and the ‘too big to fail’ high street banks. Your savings are guaranteed and if you need to borrow, you know you can afford the repayments. I am excited that my savings will be recycled as a local loan, keeping my money working in the community.”
The credit union is on course to merge with another in Copeland from 1st October 2015 to create an organisation with net assets exceeding £1 Million, serving a total of 6,000 members.