Staff at Pennine Community Credit Union are celebrating reaching three monetary milestones.
The not-for-profit financial co-operative has announced that as well as collective savings reaching £6m. for the first time, staff also issued the 34,000th loan to an account holder and overall lending to the community surpassed £50m.
CEO Kathryn Fogg said it served as a pleasing reminder that the services PCCU provide to the community continue to be much needed.
She believes the collective savings balance is especially pleasing at a time when savings levels in the UK are at some of their lowest since the 1960s with August 2018’s statistics suggesting 36% of UK households have no savings at all.
“When PCCU was formed in 1982 as a Savers Group, before becoming Nelson Community Credit Union, one of the main aims was to promote thrift and provide a safe place to save,” said Kathryn.
Savings are a vital component in the running of a Credit Union. While some account holders use PCCU to build savings, behind the scenes the collective pool of savings allows the organisation to issue affordable loans to the community at competitive rates of interest.
Kathryn outlined: “This is ‘people helping people’ in action; it really is win-win for the community with access to safe savings and affordable loans.”
Roberta, PCCU’s Members Services Co-ordinator, processed the 34,000th loan earlier this week.
Kathryn said it was a “credit to every member of staff, the board and volunteers” that the PCCU has been able to reach these target
She continued: “Many things have changed since we were created by 15 saving pioneers in 1982.
“We are soon to open a newly renovated branch in Burnley town centre, to compliment the two in Nelson and Colne.
“Account holders have the ability to manage accounts online or via the telephone, however there are two things that has never changed; we only operate to benefit this community and PCCU’s account hold rs are our biggest strength.”