London Plus Credit Union celebrated its 10 year anniversary at its recent AGM, and revealed it has benefited its community by £11m since its launch.
The board of directors said £9m has been taken out in loans over the last 10 years – £1.5m in the last year alone – by more than 6,000 members. And members have built up savings of more than £2m, giving them the security of knowing their money is in a safe place but also benefiting their community.
The AGM also celebrated the credit union’s continuous improvement in its range of financial products and in the accessibility of its services. In the last year, it launched a debit card for easier access to funds, and a phone app for members to manage their accounts.
This year there are more improvements on the way, including a new way of applying for short term loans and a new way of getting household goods through a credit union loan.
The board thanked chief executive Cheryl Gale and her team who “continue to provide excellent and friendly services to our members” across six London boroughs.
Ms Gayle said: “It has been an amazing 10 years for London Plus Credit Union. In the face of challenging economic times and increasing regulation, we have remained strong and resilient. And in the past few years, we have seen the tremendous benefits of offering digital solutions while ensuring our services stay accessible to our members and partners.
“We’re proud of the difference we have made to our members and the communities we serve. Everyone at London Plus would like to thank our partners and stakeholders, all of whom have been key to our success. Most of all, thank you to our members, who have remained loyal and are the reason we exist. We are really excited about what the next ten years hold! Thank you for sharing this journey with us.”