Northern Community Bank hits three more milestones

Saving and loan milestones remind Northern Community Bank of its place in community

Three milestones were reached this week at Northern Community Bank. As collective savings reached £6 million for the first time, our staff issued the 34,000th loan to an account holder and our overall lending to the community surpassed £50 million since 1982. It served as a pleasing reminder that the services we provide to the community continue to be much needed.

The collective savings balance is especially pleasing at a time when savings levels in the UK are at some of their lowest since the 1960’s, August 2018’s statistics suggest 36% of UK households have no savings at all. When Northern Community Bank was formed in 1982 as a Savers Group, before becoming Nelson Community Community Bank, one of the main aims was to promote thrift and provide a safe place to save.

Savings are a vital component in the running of a Community Bank. Whilst some account holders use Northern Community Bank to build savings, behind the scenes we use the collective pool of savings to issue affordable loans to the community at competitive rates of interest.

This is ‘People helping People’ in action, it really is win-win for the community with access to safe savings and affordable loans.

The second milestone is proof that the Community Bank model works. Roberta, Northern Community Bank’s Members Services Co-ordinator, processed our 34,000th loan earlier this week! We work extremely hard to assess affordability on every loan we grant to the community, it is a credit to every member of staff, board and volunteer that has enabled Northern Community Bank to reach the final milestone as we have now lent over £50 million since 1982.

At Northern Community Bank we promote the ‘Save as you Borrow’ Community Bank method, which means with every loan repayment a loan balance decreases and at the same time a small amount is added to the borrowers saving balance.

Many things have changed since we were created by 15 saving pioneers in 1982. With three town centre branches, 15 members of staff and the ability to manage accounts online or via the telephone.

Two things that has never changed at Northern Community Bank

We only operate to benefit this community

Northern Community Bank‘s account holders are our biggest strength

Thank you