Are you having problems with you bank or lender, ever thought about a Credit Union, well theres one just around the corner, well, Colchester.
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.
At 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 £300,000 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.