Credit Union loans more than £700,000 to the Coventry and Warwickshire community - The Coventry Observer

15th Aug, 2022

Credit Union loans more than £700,000 to the Coventry and Warwickshire community

Ryan Smith 14th May, 2022

CLOCKWISE Credit Union has loaned more than £700,000 to the Coventry and Warwickshire community since expanding into the city last year.

The Midlands-based union, which merged with Coventry’s New Central Credit in October, has seen demand for loans and ethical financial products raise significantly due to the cost of living crisis.

More than 1,200 new members from Coventry and Warwickshire have joined since the merger, with the union growing by 22,000 people overall.

The union’s Coventry office now looks after more than 10,000 members across the region.

Clockwise is not-for-profit and require deposits from its members to fund low rate, affordable loans.

It enables it to work with borrowers when they are unable to pay the loans back.

It requires borrowers to open savings accounts before they are eligible for a loan and it encourages borrowers to save while repaying them through rewards schemes.

It has started working with regional accountancy firm Burgis and Bullock, its external auditors, which has offices in Leamington, Nuneaton, Rugby and Stratford-upon-Avon.

Clockwise CEO Teresa Manning MBE said the support the credit unions could provide to people struggling financially was now more important than ever.

“Since we merged with New Central Credit Union, we have seen a continued rise in our membership across Coventry and Warwickshire – a region where credit union membership has historically been relatively low,” she explained.

“Clockwise is there to support those that are financially excluded or struggling to make ends meet and credit unions have a vital role to play in supporting families and individuals through the cost-of-living crisis.”

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