Page 37 - link magazine

swindonlink.com • October 2009 37
Credit crunch or
Credit Union?

Clivey Credit Union in North
Swindon and Steam Ahead Credit
Union, covering the south of the
town have received a grant from
Wiltshire & Swindon Commu-
nity Foundation to help residents
through the economic down turn.
These two ‘community banks’
provide a local, safe and cheap
way through the financial ups and
downs of life with the opportunity
to take out loans from a pool of
money that belongs to everyone
who puts their savings into it.
Anyone who lives or works in
Swindon can join one of the credit
unions for just £1.
Once members have saved
regularly for three months, they can
borrow twice the amount saved, at
an interest rate of only 1 per cent per
month on the reducing balance. The
interest payments cover the small
administrative costs of the credit
union, and an annual dividend
payment.
“The reason our loans are so easy
to repay is because we keep our
costs down,” said Dorothy Brown,
chair of Clivey Credit Union. “We
are all volunteers and we take good
care of our funds. So once a year
we can divide the surplus between
our members according to how
much has been saved. Everyone is
a winner.”
With a tight, uncertain Christmas
in prospect for many people across
the town, the credit unions will be
spending their grant on expanding
their membership, publicising the
benefits of credit unions and attract-
ing new volunteers to help to run
the organisations.
New volunteers will receive
training and support, gaining
skills that they can take with them
when applying for jobs or further
training.
“We’re hoping to make a real
difference in Swindon by helping
people get through the credit crunch
by joining their local credit union,”
said Dorothy.
To join, if you live or work:
North of the main railway line -
Clivey Credit Union, Clive Parade,
541 Cricklade Road.
Open: Wednesday 10am to 12noon;
Saturday 11am to 12noon.
South of the railway line -
Steam Ahead Credit Union,
Cavendish Square, Park South.
Open: Mon, Tues, Thurs, Fri, Sat.
10am to 12noon. Tel: 522216.
Two forms of personal identifica-
tion - a passport or driving licence
- and a recent household bill are
needed to join.
Savings can be made by visiting
the Credit Union with cash or by
paying via a standing order.

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