South Manchester Credit Union Celebrates £30 Million Lending Milestone

Friday 2 February 2024

On Friday 26 January, South Manchester Credit Union (SMCU) staff and Directors celebrated reaching a lending milestone of £30 million all-time lending since its inception in 2000.

Special guests also attended the Fog Lane office to mark the achievement which included John – the member who took out the loan in December which enabled SMCU to hit the £30m mark – and Jeff Smith, MP for Manchester, Withington.

The milestone member, John, was presented with a ‘£30 Million’ cake to cut on the day and he reflected on his experience as a South Manchester Credit Union member. John remarked that he thought it was too good to be true when he was first contacted by the SMCU team about the celebration, and he now sees the credit union as a “safety blanket” to nurture his financial wellbeing.

“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.” Said SMCU CEO, Sheenagh Young, who added “£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. “

Furthermore, Jeff Smith MP said: “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”.