Moneymatters

Are you having problems with you bank or lender, ever thought about a Credit Union, well theres one just around the corner, well, Colchester.

Essex Savers net Credit Union Limited

We are a financial co-operative owned by its members. Our sole focus is on them – we have no shareholders to worry about. We provide a range of ethical financial services to the whole of Essex, including flexible and accessible loans at highly competitive interest rates (from 12.68% to 26.8% APR). We also offer a safe haven for savings as a vital source of lending to individuals and small businesses, promoting the economic development of our community.

Some statistics

A group of young people walking forwardAt the end of 2012 we had over 3,000 members. The amount held on behalf of members was £567,574. £505,862 was on loan to a total of 652 members. In six years we have made 3,300 loans totalling £2,230,000.

Essex Savers is truly local. We have over 25 face-to-face access points running weekly across Essex. We are hoping eventually to have access points in every Essex district, many in libraries, extending into rural areas.

In 2011-12 our costs were £200,000. These are expected to grow to approximately £300,00 in 2012-13 with the need to employ full-time staff centrally. Thereafter costs will grow incrementally as we work towards sustainability, with income covering all our costs, which we expect to achieve around 2017.

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