South Manchester Credit Union has offered safe, affordable financial solutions to its community since first opening in 2000, providing flexible loan products and secure savings accounts to the people of South Manchester.

South Manchester Credit Union has smashed the milestone of £30 million all time lending to members , keeping local money in the local economy and pushing back the influence of high cost and illegal lenders.

This milestone represents a great achievement for community finance in South Manchester, displaying the growing strength and significance of the inclusive borrowing solutions provided by credit unions.

Sheenagh Young, CEO of South Manchester Credit Union said,

“Credit unions exist to increase the financial power of  people in our communities, to work together to improve financial wellbeing and to be an anchor for safe financial services in the local social economy. £30 million in total lending from South Manchester Credit Union shows an expanding credit union presence and mutual trust between credit unions and local people. “

Jeff Smith, Labour MP for Manchester Withington, congratulated the achievement, “I want to send my congratulations to South Manchester Credit Union for achieving their £30 million lending milestone”.

“As a member of South Manchester Credit Union, I know the fantastic strides the credit union has made since it started nearly 25 years ago in the church hall on Fog Lane, Burnage. SMCU has been a constant resource and support for the local community ever since. This achievement demonstrates the extensive support provided to local residents, steering many away from high interest lenders, and the support that local residents have given back. Congratulations to everyone involved in making this happen”.

Sheenagh concluded, “ We are marking this milestone with the member who reached it for us , our staff team and our pioneer directors. There are many layers of work and dedication for a co-operative like ours to achieve £30 million of community lending . It is a sweet point to pause , reflect and celebrate together “

South Manchester Credit Union offers competitive loans with interest only charged on the reducing balance. Its Welcome Loan of between £150 and £700, available to first-time borrowers joining the Credit Union, has an annual interest of 36% (42.6% APR) and helps borrowers to save as they borrow. For those on a more stable income looking to borrow for a more expensive milestone, the Smart Loan of between £1,000 and £15,000, has an interest rate of 13.2% (14% APR).

To find out more about the support offered by your local community credit union, visit www.smcreditunion.co.uk.