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Bedford Credit Union marks 20th anniversary

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11 May 18

Bedford Credit Union held a special event to mark its 20th anniversary and updated members on the progress of the last 20 years.

The idea of setting up a credit union in the area was raised 20 years ago in the local parish centre. This week BCU manager, Michelle Taylor, Local Cllr Jade Uko and board members reflected how they have expanded services from their local parish to St. Pauls Square continuing to grow their membership and loan book.

Working with local schools in the community has helped the membership grow to serve over 3000 members, with a total of 1100 junior members.

Colin Bolster, Chairman of BCU, says: “The growth of our membership and our loan book remains of paramount importance to us to ensure that we continue to flourish and serve our members. We shall continue to have a robust credit process to ensure that credit quality is maintained and we have relatively low levels of bad debt provision.”

Colin highlights in his report that in 2017 the loan book increased by £48,341 and now stands in excess of £570,000. Income from the loan portfolio should exceed £100,000 in 2018.

It has been important to the credit union’s development with the launch of a secure members area in their website this year. Colin says: “We were very pleased to have been able to launch our secure members area during the year. This has been a popular addition to our service offering and at the time of writing this note we have in excess of 350 members who have registered for online banking.”

BCU manager, Michelle  is delighted to see the credit union continue to thrive and help in the community. thanks the dedicated work the BCU team put in for the community, Michelle says: “It is with great pride that Bedford Credit Union can celebrate this achievement. I thank all volunteers, employees, and board members for the hard work we have put into making the credit union an important asset to the community.”

 

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