First was registered in September 1988 as a local credit union called Mandley Park Savings and Credit Union Limited.
River Valley Credit Union began in January 2000 and after 12 years the two credit unions after a lot of discussion and to better serve the community merged to become Salford Credit Union. The registration was completed on the 6th of July 2012. The Credit Union serves everyone who lives or works in Salford and have recently extended their common bond to include anyone who is a member or either Unite the Union, or Unison and lives or works in the North West. The credit union has successfully piloted a scheme for junior members and their parents in Moorfield School in Irlam. The school runs its own collection point twice a week.
A Child Benefit Loan Has also been delivered whereby members were able to apply for a loan of £300 upon joining, payable by deduction of Child Benefit at £9.00 per week over 38 weeks. The cost to the member was £42.30 over that period and proved to be very successful. Members are offered a Credit Union Prepaid Card the CredEcard is a flexible, Visa Prepaid Card from Contis Group, the card has been designed exclusively for credit union members and is a pay as you go debit card. 2014 saw the credit union taking part in the Video “The Actress and the Bishop” on the Credit Union Bus tour around Greater Manchester. Featuring Moorhouse primary school where children participate in their credit union. The Credit Union has helped save its members £1million, gaining more than 2,000 members since 2012.
Throughout lock-down of 2020, the Credit Union decided to waive its £3 membership fee to remove the barrier for people short of money during the coronavirus crisis. The credit union decided as always to be as flexible as possible to support their members who save and borrow. Members who were concerned about a loan were encouraged to speak to staff who may be struggling to meet repayments to explore options for loan payment holidays.
From 2021 the Credit Union will offer early-stage entrepreneurs from innovation hub HOST, the Home of Skills & Technology at MediaCityUK, loans and savings services to scale their businesses, ensuring they achieve strong growth. The loans will be subject to entrepreneurs enrolling on HOST’s business and innovation growth programmes. HOST provides innovative programmes for entrepreneurs, from start-up to later-stage, and actively supports entrepreneurs to generate revenue and secure investment to repay loans, lowering the risk for the credit union.
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