Merthyr Tydfil Borough Credit Union continues to grow in its 20th year of service
26 Apr 19
Merthyr Tydfil Borough Credit Union is celebrating 20 years of providing a valued service to thousands of people in communities across the Valleys region.
As their 20th anniversary approaches, MTBCU Manager, Delyth Shearing said that many people’s lives have been improved since they became members. “Since our launch in Pontmorlais back in 1999, we’ve arranged more than 15,000 manageable loans to local people at a value of £9.1 million,” she said.
“This has made a big difference to people’s lives, many of whom may have otherwise become victims of high cost credit providers or payday lenders.
“Similarly, our many thousands of senior and junior members have nurtured saving habits, which not only helps to put them on a firm financial foundation today, but helped them to plan for the future.”
Run by five members of staff and more than 50 volunteers, MTBCU continues to grow and enhance the financial lives of thousands of people. Since extending its common bond, the credit union has enjoyed a significant increase in membership, savings and loan values and income from loan interest. Membership total now stands at 4,300 senior members with a combined savings value of £1.9 million and more than 2,000 junior members who have £318,000 in their accounts.
Encouraging children to save for the future is important to MTBCU, who work with more than 20 primary schools right across the region to offering savings schemes to pupils. Delyth explained: “This is a great opportunity for schools to work with us and create a positive financial ethos for future generations.
“We operate in a region that has seen a great deal of economic difficulties since the demise of heavy industry and many residents have felt socially and financially excluded.
“By working with schools, we are helping more children learn financial responsibility while also developing their numeracy skills and understanding of personal finance.”
A Child Trust Fund is also available through the credit union for the children of current members who live in Merthyr Tydfil Borough. They also offer payroll deduction schemes to more than 400 local employees through 11 payroll partners. They have also developed a strong working partnership with The Wallich, a Welsh homelessness charity, in order to help tenants to secure a home.