In The Spotlight: Merthyr Tydfil Borough Credit Union
Merthyr Tydfil Borough Credit Union is celebrating 20 years of providing a range of financial services to thousands of people across the valleys region.
As their 20th anniversary approaches in October 2019, 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 £9.1million,” 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, Merthyr Tydfil Borough Credit Union continues to grow and enhance the financial lives of thousands of people.
During the past year they have extended its common bond to anyone who lives and works in the neighbouring county boroughs of Merthyr Tydfil, Blaenau Gwent, Caerphilly and Rhondda Cynon Taf.
They have enjoyed a significant increase in membership, savings and loan values and income from loan interest and since October last year have welcomed 425 new senior and 138 junior members alone.
They now have 4,300 senior members with a combined savings value of £1.9million and more than 2,000 junior members who have £318,000 in their accounts.
Encouraging children to save for the future is important to Merthyr Tydfil Borough Credit Union who work with more than 20 primary schools right across the region to offering savings schemes to pupils.
Delyth explained: “This 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 closely 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.
Based in Merthyr Tydfil town centre, the credit union is accessible not just through online banking but with a weekly presence in neighbouring Treharris, Bedlinog, Dowlais, Quaker’s Yard, Fir Tree Drive Community Centre and Kevin Ryan Court.
Would you like to support Merthyr Tydfil Borough Credit Union because they are currently looking for a new treasurer and board member.
If you would like to volunteer for the role and have skills in HR, marketing or accounting, then contact Delyth Shearing on 01685 377888 or email firstname.lastname@example.org.