Sheffield Credit Union reports on successful year at virtual AGM

Monday 15 January 2024

Sheffield Credit Union reports on successful year at virtual AGM

Last month, despite restrictions of Covid19, Sheffield Credit Union was able to successfully hold its Annual General Meeting by video conferencing.

Those members who expressed an interest in attending the meeting were invited to join the Board of Directors and staff representatives for the meeting using Zoom video conferencing technology.

Reporting to members on its virtual AGM, directors reported on a successful year of service to members as Sheffield Credit Union stepped up further to the challenge of helping local people to make the most of their money in as many ways as its services and mission enable.

Offering sensible and ethical options for loans where people would otherwise go to rent-to-buy shops, high cost internet lenders, home credit providers or even loan sharks remains at the forefront of our business aims. Sheffield Credit Union’s CEO, Jackie Hallewell, said: “With around 6000 members, we provide valuable repeat and long-term services to a wide range of local people with varied needs and situations. If our members are satisfied with what we provide, they will tell others to come to us—and as friends and family are still our biggest source of referrals, extending our membership through those who have grown to trust us remains a top priority.”

The credit union continues to attract new members from across all age groups, and particularly from 26-35 year olds. Data collected showed that 47% of new joiners to the credit unions are in the 18-35 age group.

“This helps to ensure that our membership continues to grow, and that young members, traditionally more likely to borrow than save, continue to use the loans which generates income to operate the credit union, but also start to save, building future resilience,” Sheffield CEO, Jackie added.

In its annual report, President, Brian Parfett said: “Sheffield Credit Union continues to provide a range of high quality financial services to over 6000 members with more than 2000 of them having taken out loans.

“Our team of dedicated managers and staff, volunteers and partner organisations assist members, where possible, to save and access reasonably priced loans. We have continued to invest in new technology e.g., an improved platform to assist in the assessment of loan applications.

“I would like to thank all our dedicated employees, volunteers including my Director colleagues, partners and employers who encourage people to join Sheffield Credit Union.”