Sustainable Communities

Developing Credit Unions in Leicestershire

Clockwise received approval on 13 April 2006 to extend it's Common Bond to cover Leicester, Leicestershire & Rutland.

Credit Unions are member-based organisations providing savings and loan services to those people living or working within the common bond area as well as those who cannot access mainstream banking services or are on low incomes. We the extension of the common bond to cover the whole of Leicester, Leicestershire & Rutland this brings the potential membership to almost 650,000 people.

The current Development Worker will be moving from Coalville to be based at Leicestershire County Council in order to develop the membership within the new extended common bond area.

Opening times and enquires for Clockwise Credit Union can be obtained by calling 0116 247 1740 or enquiries@clockwise-cu.co.uk

Organisation:Leicestershire County Council

Completion Date: 31/03/2007

Location

For more detailed information regarding the Clockwise Credit Union please visit our website www.clockwise-cu.co.uk

Project Description

Credit Unions provide savings and loans services that are attractive to people who can't access high street banks or are on low incomes and open to exploitation by loan sharks.

Background
Clockwise Credit Union (based in the city centre) has been given permission by the Financial Services authority to expand its common bond to cover the whole of Leicester, Leicestershire & Rutland. This will involve linking up with other existing credit unions as well as providing new collection points as the development of Clockwise increases over the coming years.

Its potential membership now stands at 650,000 people who either live or work within the new common bond area.

Expansion details
This expansion of the common bond is the first stage of a development process that will eventually provide services throughout the whole of Leicester, Leicestershire & Rutland. This project is to support the work of a credit union development officer, in particular by:

• Managing the planned growth of the credit union;
• Delivering capacity-building training for both unpaid volunteers and paid staff;
• Facilitating the building of partnerships;
• Facilitating the development of networks between the credit union and other bodies;
• Developing quality assurance methodologies and standards;
• Raising awareness of the credit union offer;
• Developing further tools to enhance development (social audits, monitoring systems, management information systems);
• Supporting the development of other social enterprises where there is synergy with our own members.

Outcomes

The key results will be:
1. Building the capacity of the credit union by:

• Recruitment of more volunteers.
• Training of volunteers.
• Training of credit committee and loan officers in more sophisticated loan application procedures.
• Training of directors and managers in the interpretation of a range of financial indicators.
• Review and development of all policies and procedures to maintain continuing FSA compliance.
• Review and development of business plan and business monitoring procedures.

2. Market expansion, which will include:

• Developing new links with major employers within the new common bond area.
• Establishing two new collection points.
• Performing presentations to promote the credit union and what services it has to offer.

Project Contacts

Project manager:
Alan Tuppen
Tel: 0116 265 7028
E-mail: atuppen@leics.gov.uk
Website: www.leics.gov.uk

LSEP contact:
Gill Smitherman
Tel: 0116 257 5676
Email: gills@lsep.co.uk
Website: www.lsep.co.uk