Everything SCU members need to know from this year’s AGM

On the 3rd of March we held our AGM, where you could find out key updates and see your SCU leaders face to face or online- thanks to our first ever hybrid AGM! It was lovely to see members join us – if you missed it, here’s a round-up of everything you should know from the past 12 months:

We have responded positively to COVID19, this means we have experienced an increase in savings of 8%, leading to more money into your pockets and into the local economy.

Not only are our savings up- but the number of people joining SCU as members is up, too – by 15%. By the end of September 2021, we had 4066 adult members and 257 junior members as part of the SCU family. And more memberships means we have more money to put our members first!

Many members told us that their SCU savings were a “lifeline”during COVID19, with 532 new members receiving family loans.In fact, number of affordable loans issued to our members increased by 39% – and the total increase in the amount of money we lended to members increased by 22%.

Salford Credit Union now uses full credit scoring – allowing members to build their credit score and access more financial services.

All loans are considered individually – unlike other lenders, we put members’ needs first to make sure members get a loan that is right for them. That is why we have invested resources to bring members a new loan calculator to help you take control of your money and help members financial resilience: check it out on our homepage https://www.salfordcreditunion.com/

We estimated we saved our members £1.5million – 3million in interest rates, compared to borrowing from doorstep lenders or credit cards.

The following people have been elected to the board:

  • Karen Burns
  • Miranda Clarke
  • Philip Howcroft

In 2022 we are looking forward to finding new ways of helping members, for example we are making a special effort to stay connected to members and the salford community by creating a SCU youtube channel where you can find out what SCU does for the community and members, and we still have plans for a SCU app so members can access their accounts with ease.

Lastly, to all our Members: THANK YOU so much for believing in the difference our credit union can make for members and the community.