Expansion and Product Development Key to HEY Credit Union’s Successful Year

Friday 26 January 2024

Reporting to members ahead of its Annual General Meeting, HEY Credit Union highlighted a successful year of expansion and product development.

The credit union expanded with the opening of a branch within Grimsby early in the year and gives thanks to the support it received from Northeast Lincolnshire Council whose £50,000 investment supports its plan for sustainable growth. By year-end some 400 members had joined, with savings of £170,000 and a loan book of over £260,000. Across the total membership, the value of loans issued rose by 16% over the year while the loan book saw a growth of 10%.

Further developments across the business, the credit union signed up to Hull’s Net Zero campaign, and to coincide with the COP26 event in Glasgow, last November, HEY Credit Union designed a new Green Loan product which can be used for purposes that make a positive impact on the environment. Preferential interest rates apply and for each loan granted we donate a tree to the HEYWoods or other local forest.

The Board of Directors stated: “Despite many difficult challenges posed by depleted staff resources and a turbulent economic climate, we have completed another year stronger than ever. Your Directors would like to thank all our staff, volunteers and partners for working tirelessly to maintain our reputation for high quality service, and you, our members, for your outstanding loyalty. We look forward to further advancement in the year ahead.”