Lincolnshire Credit Union
What is the Lincolnshire Credit Union Ltd?
LincUp is a co-operative operating as an ethical community bank. We accept savings from our members and lend out those savings to generate income to help pay our running costs and to make a profit, most of which is given back to our savers as a dividend.
Who owns the credit union?
LincUp is owned and controlled by its members. To join LincUp you must live or work within our field of membership (called our common bond). Each member is treated equally, regardless of the amount saved with us and has an opportunity to contribute to the management of the credit union by either voting at the Annual General Meeting or by applying to become part of our management committee. There are also opportunities to become involved in the day to day operations as a volunteer.
What are our values?
We believe in equality, honesty and integrity. We strive to give the best possible service to our members and are part of the FSA 'Treating Customers Fairly' initiative. Helping to promote Financial Capability in the community and to combat Financial Exclusion is a major part of what we do.
How did it all begin?
The Lincolnshire Credit Union Ltd came into being in November 2004 when the FSA agreed to an expansion of the common bond of the North Kesteven Credit Union Ltd. The variation to the common bond allowed NKCU to operate within the administrative county of Lincolnshire.
At that time the Lincoln Credit Union Ltd was also active, serving members who lived or worked in the city of Lincoln. In 2009 the boards of the two organisations met and agreed that the best interests of the whole Lincolnshire community would be best served by merging the operations of both organisations. This would have the benefit of avoiding duplication of resources and provide better opportunities to widen the range of products and services available to members. The FSA agreed to the merger and following the approval of the members the merger took place in November 2009. LincUp was adopted as the trading name of the merged credit union.
The development of the credit union movement in Lincolnshire is supported by a number of partners who share our belief in both co-operative values and the community. We are particularly grateful for the financial and 'in kind' support provided by these organisations.
Where are we now?
After the merger came a period of consolidation which was necessary to fully integrate the operations of the two businesses. At the end of September 2011 we have approximately 2000 adult savers, nearly 500 borrowers and 350 junior savers.
How can I find out more?
You can find out more from the Lincolnshire Credit Union website at http://www.lincscreditunion.org.uk or by calling 01522 845100 (Monday to Friday, 10am to 3pm).