SAVEeasy
Category
Financial services
Saving and borrowing is easier for more people in South Wales now that the Llanelli & District Credit Union has extended its services to a wider area.
The credit union, called SAVEeasy, offers members a convenient way of saving and provides easy access to low cost loans.
Credit unions, especially those operating in deprived areas, offer useful and appropriate financial services to people who may not have bank accounts. They can help build community cohesion, address issues of financial exclsusion and aid economic regeneration. There are some 30 credit unions in Wales and SAVEeasy is the second largest with 5,400 members and assets of £2.7m.
SAVEeasy has made a big difference to the local community. From 1998 to 2011 it lent £12m to local people. The average size of a loan is £600 but many people borrow small sums, £50 for example.
Jeff Hopkins, General Manager, said: “The credit union really helps people to build up their capital wealth through regular saving. And the access to loans on fair and easy terms makes a huge difference to ordinary people - enabling them to go on holiday, replace their car, or buy Christmas presents.”
After a major expansion in 2009, SAVEeasy now operates in Carmarthenshire, Swansea and Pembrokeshire; an area with a population of 220,000.
Jeff Hopkins believes that the expansion will strengthen the credit union, but it has also brought some new challenges which is why he sought assistance from The Co-operative Enterprise Hub.
The Hub helped SAVEeasy to produce a new business plan that takes account of the opportunities and challenges of the larger market. The Hub adviser helped to negotiate an arrangement with a large farmers’ co-operative to have credit union outlets in the retail stores – a good example of the principle of co-operation between co-operatives.
The credit union has collection points in 12 post offices, three shops, two social clubs and one branch office. It employs nine staff and has a board of 15 volunteer members.
HOW WE HELPED
- We assisted with a new business plan for 2010-2013
- We helped SAVEeasy to apply to the Welsh Assembly for funding for its expansion
- We helped SAVEeasy to increase the number of credit union outlets
Hywel Davies, the Hub adviser, said: “SAVEeasy is one of the stronger credit unions in Wales. The staff and board are dedicated and professional, but they were so busy on a daily basis that long-term planning had taken a back seat. Involving the Hub helped them to focus on the future and move forward.”
For more information visit http://www.saveeasyhaverfordwest.co.uk/
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