Loughside Credit Union is a long established, successful social economy enterprise in the North Queen Street area of North Belfast. The key function of the Credit Union is to make affordable loans and provide safe and accessible means of saving to their members, many of whom typically would not meet the lending criteria of other mainstream lenders. An important feature of the Credit Union is the emphasis on borrowing and saving at the same time which reinforces prudent management of finances in the member households.
Loughside Credit Union, with the help of funding from EU Urban II Community Initiative Programme, managed in inner North Belfast by North Belfast Partnership, has extended its opening hours to further enhance the high quality service provided.
After receiving development support from the Urban II Social Economy Support Programme a financial package of £99,000 was offered to the Credit Union. This funding enabled Loughside to renovate the premises to provide a friendlier, brighter atmosphere for members and employ two additional part-time staff for two years. With extra staff and space, the Credit Union has been able to increase its high quality service to the local community by extending its opening hours; offering financial counselling courses and a training room for outdoor usage.
The Credit Union's commitment to the community is evidenced by its active involvement in supporting and sponsoring the Special Olympics, local community events; assisting local primary schools, boxing clubs, fottball teams and churches.
Murdo Murray, Chief Executive of North Belfast Partnership, is also enthusiastic about the project:
"North Belfast Partnership is delighted that Loughside Credit Union has been able to make such good use of Urban II funding to consolidate and deliver its much-needed services throughout lower North Belfast"
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