Objective One invests in a credit
union for Caradon
Objective One is investing £48,700 towards a £97,200
project to set up a Credit Union for the Caradon area of South
East Cornwall, which once up and running will establish a
community enterprise retaining money within the local economy
in addition to equipping its volunteers with valuable skills
The investment from Objective One and other partners will
help get the project off the ground by meeting the project's
revenue costs for the first three years that will include
the provision of a time part-time administrator who will appointed
within the next couple of months.
The project which is known as the South East Cornwall Credit
Union Implementation (SECCURE) will be officially opening
its doors on Friday 4th July 2003. The main office is situated
in 21 Dean Street, Liskeard and will be open for business
from 10am to 12.30pm from Monday to Thursday.
The work to set up a credit union in Caradon as been ongoing
for the past four years and the volunteers involved are delighted
that their hard work has paid off with members of the local
community soon having access to a saving scheme and low cost
Credit unions have been running successfully all around the
world for over a hundred years but have been slow to take
off in England. In Ireland, nearly half the population belongs
to a credit union and now the people of Caradon can enjoy
the benefits too.
Credit unions are not-for-profit organisations run by and
for their members. Members can save as little or as much as
they want and after 13 weeks become eligible for a loan that
is equal to twice their savings. Credit unions offer a convenient
way to save and also keep money in the local community. Some
members may only want to save and receive a small dividend,
knowing that their money is helping their community.
The credit union will eventually become self-sufficient and
have collection points across the whole of Caradon. Hilary
Warren, President of SECCURE said: "We could not have achieved this success without the
support of the investors and all the other organisations,
including other Cornish credit unions and Caradon Citizens
Advice Bureau. Most of all, nothing would have been achieved
without the volunteers who have put so much work in over the
Director of the Objective One Partnership Carleen Kelemen
said: "I am delighted to see the Credit Union for Caradon
and South East Cornwall up and running as it will provide
a great opportunity for the people of the area not only to
become involved in a scheme that will retain money in the
community but will also enable individuals to gain valuable
skills as scheme volunteers.
"I hope that the volunteers' experiences gained through
the implementation of the credit union will assist them in
their personal lives and also equip them with transferable
skills which can be utilised in the employment market."
The main office at 21 Dean Street in Liskeard (main entrance
through the garden in West Street car park) will be officially
opened on Friday 4th July at 11.00am. Anyone wishing to save
with SECCURE can visit the main office or save by standing
order or payroll deduction. In future SECCURE hopes to offer
Paypoint, so that anyone, anywhere can make regular payments.
The £97,200 project to fund the Credit Union for its
first three year has received £48,700 from the Objective
One European Regional Development Fund (ERDF), with match
funding coming from Caradon District Council and Cornwall
European Regional Development Fund (ERDF)
ERDF is one of
our four funds that make up the Objective One Programme for
Cornwall and the Isles of Scilly, which is making £314
million of investment available for developing the local economy
between 2000 and 2006.
ERDF exists to:
||Help reduce the gap between development levels and
living standards among the regions and the extent to which
least-favoured regions are lagging behind.
||Help redress the main regional imbalances in the European
Community by participating in the development and structural
adjustment of regions whose development is lagging behind,
and the social conversion of regions.
For further information contact:
Objective One Partnership Office
Truro TR1 2UD
Tel: 01872 241379
Fax: 01872 241388
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