Bishop to open diocesan savings account with £10k at Nottingham Credit Unions…
Southwell & Nottingham Diocese is launching another new initiative to link in with International Credit Union Day on Oct 17th. This year the theme – ‘Credit Unions Unite for Good: A Better Way,’ emphasises the benefits of co-operation among credit unions worldwide, and is backed by the Archbishop of Canterbury.
Called ‘25 x 5k’ it is an ethical saving initiative which allows organisations to join in local credit unions by opening a corporate savings account. The Rt Revd Paul Butler, Bishop of Southwell & Nottingham will visit Nottingham Credit Union on the 17th to pay in a cheque for £5k, which is not a donation but capital to enable them to lend more in the future. Then later he is in Worksop at 2 Shires Credit Union showing support for the 25x5k campaign, by opening a 2 shires savings account with a further £5k.
If 25 organisations can save up to £5000 with local credit unions it will mean £125,000 extra capital to be lent out to those who would otherwise be at the mercy of crippling interest rates – meaning an approximate saving of £100,000 in interest payments over a 12 month period on those loans.
This follows on from last year when Nottingham jointly launched the ‘100×100’ scheme, with the aim of signing up 100 new individual credit union members, each investing at least £100. The resulting £10,000 savings would enable the credit union to increase the number of small loans it made in the run-up to Christmas, typically a busy period where many people on low incomes become financially over-stretched (saving at least £7,000 in interest payments p.a.). To date, £42,000 of savings has been made through this scheme.
The ultimate goal is to raise awareness about the great work that credit unions are doing around the world and give members the opportunity to get more involved. Credit unions and associations throughout the world celebrate the day with open houses, contests, picnics and parades.
Bishop Paul said: “I have been encouraged by the response from individuals to 100×100. This new initiative is an exciting one as it allows corporate groups to engage in the vital work of Credit Unions as well.”