Would you credit it?

Would you credit it?


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29 June 2009

Revd Les Ireland, Rector of Levenshulme, reports on the role of his church in the local Credit Union that has become hugely important in the wake of the financial crisis.

For many churches, dealing with money, with debt and with lending, feels like a rather “grubby” world to be part of. For us – St Peter’s church, Levenshulme, it is part of church life, and has been for many years, as the church plays a key role in the South Manchester Credit Union.

It started about eight years ago, after Churches Together in Levenshulme considered whether it should set up a Credit Union. At the same time the South Manchester Credit Union was launching. It was agreed that instead of attempting to set up our own Credit Union, we would see if there was the opportunity to work together. St Peter’s now plays a significant part in the life of the Credit Union, which serves the whole area south of the Mancunian Way, north of the M60.

Credit Unions has become hugely important in the wake of the financial crisis. A Credit Union is an organisation where people can save and get low-interest loans. It provides an effective service for all types of people.

For those excluded from other financial services, or dependent on loan sharks, it gives access to affordable credit. For others it may provide an opportunity for a holiday, or for a good Christmas. Others have used the Credit Union to purchase a car, or equipment such as computers and washing machines.

It is important now because Credit Unions have not been particularly affected by the Credit Crunch. We are still giving loans. We are still charging the same low interest rates we did before the crisis, whereas in other sectors of the financial market loans have disappeared, and where they still exist, interest rates have rocketed.

For St Peter’s church, it has added an extra dimension to church life as we host a collection point on a Thursday morning, manned by members of the church. It has allowed us to build a relationship with many people in our community we would otherwise never have met.

Many church members have benefited hugely from being members of the Credit Union. Some are on the Board of Directors; others are on committees. These roles are fulfilling and the Credit Union has over 1500 members.

It would be great to have more churches involved. I believe that being part of the Credit Union can add a huge healthy dimension to church life and mission. It can offer something real and tangible to a local community. If you are interested, or simply want to know more, contact us on 0161 224 5877.


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