Surge in membership prompts Norwich Credit Union move
PUBLISHED: 14:34 26 March 2018 | UPDATED: 14:34 26 March 2018
Norwich Credit Union is to move to a new office in the city after a surge in membership and loans in the past full year.
The not-for-profit lender saw its member roll grow by 20%, or 164 people, while the amount borrowed also rose from £251,000 to £308,000, in 2016-17, while the current financial year has seen the trend continue.
The union says that the growth has been down to increases in demand in its service points across the county as well as online.
It will move out of the offices on London it has shared with Age UK for the past five years, and move into new premises shared with the YMCA at 35-37 Exchange Street, giving it a ground-floor shop front.
Its final day at London Street will be on Saturday, March 31, and its three lunchtime service points in the city centre - which operate on Tuesdays, Thursdays and Saturdays - will resume at the new offices from Tuesday, April 3.
President Jon Warne said: “We’re very excited to be starting this new phase of our development. We’ve valued our successful five-year partnership with Age UK at London Street, and are now looking forward to new growth in our new partnership with the YMCA here at Exchange Street.
“Coincidentally, our new office is across the road from the tiny office where we originally set up the credit union in 1989 – in the old Development and Environment Centre, then at number 38.”
In the first months of the current financial year, Norwich Credit Union membership has risen to nearly 900 people, with approved loan values 10% higher than last year.
The union has recently upgraded IT systems to improve services to members, including online banking facilities, while members can access prepaid cards for online shopping and payment cards to use in convenience stores and post offices.
Mr Warne said the union was looking for new volunteers to support its expansion.
“Our service points in Norwich, Dereham and Great Yarmouth are gaining momentum – we’re now open twice a week in Yarmouth. We’ve seen a growing demand for our savings and loans services, particularly online,” he said.
The offices will be open to members on Tuesdays, Thursdays and Saturdays, 12 noon to 2pm.
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