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Oxfordshire Credit Union is delighted to have a stand at the Westmill Wind and Solar co-operatives joint AGM at the Cornerstone Arts Centre in Didcot on Saturday 20th May. We will be at the event with leaflets and application forms for Oxfordshire Credit Union, to increase awareness of the savings and loans we are able to offer to people living or working in Oxfordshire. We hope to see you there!
We’ve completed a review of what we’ve lent to members since 1st October 2015. We’ve made 413 loans since then, totalling £403,000. The majority of members borrowing funds are women, and the average loan was just under £1,000 each.
The OCU board met this week for its first monthly meeting since Saturday’s AGM. The new Chair in place Mark Luntley has been a board member since 2006, and previously led the board for several years.
Mark thanked the outgoing Chair David Soward for his service over the last year not least overseeing a year of good progress in service growth. All the board wished David the best for the future.
Our annual general meeting took place at the Quaker meeting hour at St Giles. Members heard about the good progress over the last year, member share capital is up 11%, loans up 59% and bad debts down by 43%. Members agreed the accounts, and elected three new board members.
As a result of the rapidly improving finances the AGM agreed to pay a 1% dividend to savers. This will be added to members’ accounts in the coming weeks.
The AGM thanked the outgoing Chair David Soward for his work over the last 12 months and welcomed Mark Luntley as the new Chair.
The keynote speaker was Steve Eyre from neighbouring Swan credit union, who explained how they have grown membership with a decentralised “community bank” approach.
We are very glad to welcome today a latest Board member, Steve Edwards. He comes to us with a wealth of business experience but also a track record in voluntary work in and around Oxford. Come to the AGM on April 22nd 2017 and meet him in person!
Oxfordshire Credit Union was at the new and wonderful “Chippy” branch of Midcounties Co-operative on a busy Saturday morning. Volunteers were explaining what the credit union does, why saving is important and how we help members stay away from high cost lenders.
Credit unions are one form of co-operative, and co-operatives are a unique way of running a business. It means in our case that we are owned by our members, who all have an equal say in how we are managed. You can find our more about how cooperatives work here:
We’ve continued to grow steadily and together our members’ savings now exceed £507,000. We’ve put the money to good use, with loans to members up 50% in a year to £266,000.