Record Breaking Lockdown Lifeline in Stockport

Tuesday 23 January 2024

At its recent AGM to discuss the 2019-2020 financial year, Stockport Credit Union confirmed that more people than ever before turned to it for financial support as the devastating effects of the Coronavirus pandemic began to bite.

A record 1,108 new members joined, up 44% on the previous financial year. As credit unions across the country faced a variety of challenges, Stockport has grown its loan book by an impressive 14%. It ended the financial year having lent a record amount of money, processed a record number of loans, added a record number of members, and with the loan book at a record high. To finish this year of records with a cherry on top – it was announced on Saturday 27^th March that the annual dividend for eligible savers would be an attractive 0.8% and that it would pay junior savers 1.2%.

“This last year has been incredibly difficult for everyone.” said Chief Executive Jonathan Moore.

”We’re so proud of the help we’ve been able to offer the people of Stockport when they needed it most. Last year more people than ever joined us and started benefiting from using our services. Whether it was to help cover the cost of IT equipment for home-schooling – or to pay for school uniforms – our members have been helped in so many different ways.”

“As household finances suffered during Lockdown, we’ve seen a huge increase in the number of people turning to extortionately expensive “Doorstep Lenders”. These loans are often totally unregulated and have interest rates as high as several thousand percent. There are far cheaper ways for people to access credit and that’s where Stockport Credit Union is helping most.”