The Chief Executive of Stockport Credit Union has penned an open letter to Stockport residents, asking those can to invest their money to support others in their community who may be struggling.
The local credit union has seen a steep rise in people needing small loans to cover basic costs, such as food and utility bills, as many families have seen their incomes overnight.
Johnathan Moore (pictured), CEO of Stockport Credit Union, has asked for those who are in financially stable positions, to transfer some of their savings to the credit union, it would provide an ethical and affordable line of credit to the most vulnerable in the community. Johnathan comments that if 1000 people save £1000 each in the non-profit credit union, it would provide £1 million to neighbours that may otherwise come from high-interest alternatives. The credit union aims to ensure customers can achieve greater financial security in the long term.
In his letter, titled ‘Stockport Needs You,’, Johnathan writes:
Sadly, in recent days, we have seen many more people looking to borrow and others are drawing on what small savings they have with us to tide them over. This is not surprising during the times we are living through. Some of the stories of hardship that we have heard point to some real challenges within our community.
“We are there so our community members can put food on the table and pay rent, without resorting to unethical and extortionate lenders. We would like more of our neighbours to join and become members so that we can do what we do best.”
Stockport Credit Union was formed in 2005 from the merger of Brinnington and Houldsworth, Offerton and Werneth Credit Unions, which date back to 1989, and is an FCA regulated social enterprise financial co-operative.