01.07.03
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 and opportunities.

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 loans.

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 years.”

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 County Council.

Editor's notes:

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:

For further information contact:

Hilary Warren
SECCURE
01579 348702

Jason Clark
Communications Manager
Objective One Partnership Office
Castle House
Pydar Street
Truro TR1 2UD
Tel: 01872 241379
Fax: 01872 241388
jason@dclark.co.uk

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