Pictured above: Seamus Grant, manager of ECU (left), and
Howard Forster, chairman of ECU, with ECU member Anita
Brady
The largest 'community bank' in Derbyshire has double causes to
celebrate - a milestone birthday and permission to expand its
work.
Erewash Credit Union, a financial co-operative based in Ilkeston
which was set up with funding from the Coalfields Regeneration
Trust, will be celebrating its fifth birthday on April 6.
Owned and controlled by its members, it provides a safe place
for people to save money on a regular basis, creating a cash pool
from which members can borrow cheaply compared to high-cost lenders
who charge exorbitant interest rates.
Since 2,007 the credit union, which has 2,000 members, has
provided £1.7m in loans.
Manager Seamus Grant said: "We reckon we have saved our members
at least £1 million in interest costs compared to a typical
doorstep lender. This is money that is spent in the local Erewash
economy. So we are helping local businesses as well as local
residents and workers".
In January, the credit union opened an office in Amber Valley
and is has now been allowed to extend its remit throughout the
whole of Derbyshire, including the city of Derby.
"We have just had confirmation from the Financial Services
Authority that we can expand," said Seamus.
"We can't believe where the last five years have gone" explains
Howard Forster, chair of the credit union. "So much has been
achieved and so many people have been helped. This is a fantastic
achievement which would not have been possible without the support
of people in Erewash".
He is delighted that the credit union can now help even more
people throughout Derbyshire to manage their finances through a
range of services.
"It's an endorsement of the work and achievements that we have
had over five years," he said.
From the end of next month the credit union will be able to
operate from council offices in Amber Valley.
But there are no immediate plans to open more offices. Instead,
the credit union will be able to accept referrals from other
agencies on behalf of individuals.