Grants That Work – The Money Spider Credit Union Story
Money Spider Credit Union, serving communities in Swadlincote and beyond, was searching for support with purchasing new ICT resources for developing their community collection points. A cost that many funders might dismiss.
“My granddaughter has just joined making her the fourth generation at Money spider. I am hoping to instil in her the ethos of putting away something each week”
When they approached Foundation Derbyshire our Walbrook Fund was the perfect match. The Walbrook panel understood, straight away the credit union’s crucial role - allowing access to banking services for those with no alternatives, promoting a savings culture, offering financial education and reducing unethical and/or dangerous approaches to loans.
A small grant of £986 has transformed their operations, reducing frustrating waits for their customers and increasing the security of their transactions.
The new collection point ICT resources has already helped sign up 16 new members, facilitated 49 loan applications and allowed 137 withdrawals /deposits
“Both members and volunteers are benefiting from a faster, smoother more reliable service. A local savings-and-loans model means money is kept within the local economy rather than bolstering the profits of a large sub-prime lender. We gave out 49 loans worth £23,762 over the last year. Our Christmas Club also helps retain money within the local economy. By saving over the year for Christmas, rather than relying on high-cost credit, members were able to withdraw £213,000 in Nov/Dec 2016.”
“Just one more credit card to pay off and I will be out of debt, many thanks for helping me”