History of the Wearside First Credit Union:
1999
In 1999 a group of people in the Coalfields area of the City identified the need for a credit union. Local residents, church representatives and community organisations joined together to form a steering group.
At the same time Professor Paul Jones of John Moores University in Liverpool undertook some major research into credit unions. This research was carefully considered to identify the way forward. The major recommendation of Prof Paul Jones was that for credit unions to be sustainable in the future they would need a large common bond area, preferably live or work.
This research led the steering group to having a feasibility study carried out by ABCUL (Association of British Credit Unions Ltd) to identify the best way forward within the whole of the City of Sunderland.
The outcome of the study was that a City-wide, locally owned and controlled live or work credit union, which would be professionally led, was the best way forward.
A business plan was then developed and grant funding to the tune of 660k was raised from ERDF (European Regional Development Fund), NDC (New Deal for Communities), NRF (Neighbourhood Renewal Fund), Northern Rock Foundation, SRB (Single Regeneration Budget) and HLC (Healthy Living Centre).
2003
An application to the Financial Services Authority was submitted in January 2003 and authorisations and registration was received in August 2003.
During this period (April/May) the Management Committee was appointed, allowing them enough time to strengthen their team before opening for business on 3rd November 2003 in temporary premises (Ferryboat Lane).
2004
Despite some setbacks in 2003, Wearsidefirst grew from strength to strength in 2004. With over 950 members joining during 2004, Wearsidefirst were taking their first major steps towards assisting financially the people of Sunderland.
In April 2004 we opened our Head Office in Waterloo Place, to ensure our facilities were easily accessible for our members, joining forces with existing credit unions and the development of new collection points also assisted with this goal.
From the beginning Wearsidefirst have developed relationships with local organisations such as Sunderland City Council, Sunderland Housing Group and many other local businesses and community organisations. 2004 has seen these relationships strengthen and the evolving partnerships continue to grow.
2005
With a City Centre Presence and an active Community Development Worker, Wearside First membership grew to nearly 1700 during 2005, making Wearside First one of the fastest growing credit unions.
Relationships with community organisations have been further developed, particularly with Sunderland Housing Group. Funding has been secured through Northern Rock Foundation enabling a workplace representative to be employed. This project is to develop awareness and provide access to Wearside First facilities to all tenants and employees of the housing group.
Wearside First and English Martyrs’ Primary School joined in partnership to provide all pupils with access to savings accounts. With the help of parents Wearside First provide a weekly savings clubs to allow pupils the opportunity to learn the importance of saving.
2006
Wearsidefirst continued to strive forward during 2006 with membership reaching over 2100 at the end of the year.
The Credit Union successfully secured funding to deliver Health and Wealth Sessions throughout the City. In addition to this a special project has been supported, which allows Wearsidefirst to offer a starter loan scheme (conditions apply).
Developments throughout 2006 included developing partnerships with Sunderland Customer Service Centres, which now allows their staff to open Wearsidefirst savings accounts for the general public. Making it even easier for anyone who live or works within the boundaries of the City of Sunderland to become a member of Wearsidefirst.
Wearsidefirst has also formed a partnership with organisations such as: Sunderland Housing Group, Washington CAB, Fiscus North Ltd, Social Enterprise Sunderland and many more, with the aim to tackle Financial Exclusion within the City. More updates on the partnership in 2007.
History of Credit Unions
The ideas and values which are central to how credit unions work were developed in the 19th century; in Britain by pioneer co-operators such as Robert Owen; in Germany by innovators such as Herman Schulze-Delitzsch; and in North America, where Alphonse Desjardin was mapping his vision of co-operative credit. The credit union movement grew quickly throughout America and Canada and quickly became an influence for the rest of the world.
Further information about credit unions can be found at: http://www.abcul.org/page/about/intro.cfm