London Capital Credit Union is looking for volunteers in the run up to Christmas as it deals with rocketing demand for its services. The credit union saw membership increase by 10% in September alone.
This follows a recent call by Sir Hector Sants, the former Chief Executive of the Financial Services Authority, who now heads up the Church of England’s taskforce on credit unions, asking people with a professional background to consider volunteering for a credit union or standing for election to the board, in order that credit unions can benefit from a wide range of expertise and ability.
Martin Groombridge, Chief Executive of London Capital Credit Union, says: “We are experiencing a high level of demand for our services at the moment, and this is likely to increase further in the run up to Christmas – our busiest time of year. So we are looking for people with a wide range of skills to donate some of their time to help us.”
As financial co-operatives, credit unions are owned and controlled by their members and rely on local volunteers to help deliver their services to the community. “Our volunteers get involved with the day-to-day running of the credit union,” explains Martin Groombridge. “Duties include customer services, handling phone enquiries, processing membership applications, helping to maintain our database and working on marketing materials.”
Sir Hector also called for more people to deposit money with a credit union – money which can then be lent out at an affordable rate of interest to help those in need. Those who save with a credit union then qualify for a share in the profits of the credit union in the form of an annual dividend.
Sir Hector’s comments came as the Church of England rolls out its programme to provide financial support through its new Credit Champions network across 2,000 churches. The initiative encourages church congregations to promote saving as an alternative to borrowing and to raise awareness of the role of credit unions in providing low cost loans in times of need. London Capital Credit Union is working with a number of churches across North London as part of the scheme.