History
Worldwide Credit Unions started as co-operatives back in the 19th century. Ordinary people, especially farmers, began pooling their resources for their mutual benefit, providing the opportunity to access low cost loans, which were unavailable to them through financial institutions.
Today, credit unions in 79 countries provide more than 118 million people worldwide with an opportunity to grow through access to safe savings, affordable credit and the chance for a better tomorrow.
Here in Southend
Southend Credit Union grew from the Milton Community's initiative in 2001. Milton worked hard and gained expressions of interest from over 100 people in their area. A lot of groundwork was done to establish the need for a credit union.
Following that feasibility study, it became clear that a Credit union for the whole of Southend would stand the best chance of success.
A small group from the Milton initiative continued to meet and explore the possibilities of finding funding and support. It was definitely a struggle and in an effort to gain support, meetings were moved from church halls to the civic centre. Members attended Social Exclusion conferences and visited other credit unions. Some attended a weekend of training through the auspices of Netcuda and Alison Davies.
In August 2002 we joined SAVS, which was a turning point their help and advice have been invaluable. We thank especially Maureen Frewin, Dave Sarling and John Perry.
It was following a meeting at the civic centre that one member picked up a leaflet for Business Champions. We knew that we needed more committee members so a phone call was made to find out just what they could offer. That phone call was another turning point. Val Rozka of Business Champions told us of a day to be held at Garons Leisure Centre on September 12th 2002. This was a project workshop day to publicise the fact that not all the money allocated by E.U had been used. Tom Lydon and Mike Hasler attended and here they met Ros Jack ESF (European Social Fund) Objective 2 facilitator for Southend.
Full of enthusiasm we began another stage in our education. Ros attended our meetings and explained that if we put a case together that fitted the criteria then we would be apply to employ a development officer.
Our chairman Tom Lydon resigned in January 2003 but continued to work with Ros on the bid. Soon all the team was involved. After months of work and research and finding matchfunding, the bid was submitted and we finally heard that we had succeeded in April 2003.
Over the course of time, we've used this funding and SAVS' enormous assistance to put together the documentation for registration and approval by the Financial Services Authority. This was lodged with them at the end of March 2005 and, when they'd completed their rigorous checks, approved in March 2006.
This Authorisation led to the really hard task of organising premises and preparing for operations. Although many of the tasks had been done 'in the background' while FSA approval was awaited, nothing definite could be arranged until that had come through.
The Credit Union's premises in York Road were rented and fitted out as an operating office during April and May, and heartfelt thanks are due to the people & organisations who helped with IT equipment & expertise, office furniture & so on. Some of the people from that first idea in 2001 at establishing a credit union are still working with the Southend Credit Union Study Group (they are the ones with halos and the rings under their eyes)! Sadly Mike Hasler, Tim McCarthy and Mick McGaughey, who all worked with much gusto on behalf of Friends of Southend Credit Union, all died in 2003. We miss them.
