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Mission Home Waltham Forest Community Credit Union The Credit Union held its annual general meeting on March 2nd. It was with great sadness that we had to inform the membership that the Credit Union will have to move from the shop in Walthamstow High Street.  We have been struggling to fill a funding gap for some time. A major source of funding failed to materialise in the summer, which led to the redundancy of our manager and administrator. Despite strenuous efforts by both the board and the Borough Council, insufficient funds have been found to keep the shop open. It is a wonderful place from which to operate, but also very expensive to run. In the face of an impending large rent rise, and no chance of significant funding in the near future, we were left with no other option.
We have been working hard with the Council, and they made sufficient resources available to help us to keep operating until March and also funded consultants to look into our business position. The result of that investigation was unambiguous – the Credit Union would need far more funding than was ever likely to be found to become self-sustaining in its current form. So what now? It is not all doom and gloom – far from it! We have found alternative premises in Harmony Hall, just around the corner from the present shop, in Eldon Road. It is a sizeable office and we will be able to operate from there, but in a different way. Because it is not self-contained with a secure counter area, we will not be able to handle large volumes of cash. We will have to operate like many other credit unions do, making more use of standing orders, bank transfers and cheque withdrawals (cashable without charge). The Council has allowed us to use their cash office on the corner of Church Hill as a collection point. In this way, members can still make larger cash deposits. A collection point will continue at LUFC, but here as well, for security reasons it is best if larger deposits are made by cheque.
On a cheerful note, the new loans policy that I told you about last month has already made an impact, and our loan book has increased by 30% since it was introduced. This is the long-term way to independence – more members, saving and borrowing at a fair rate, reducing the need for people on low incomes to turn to high-interest lenders. That is what it is all about, and why we continue to work, not just to survive, but to grow and become an effective force making a real impact on financial exclusion in this borough. Are you a member yet? We are always interested to hear from anyone who has time or skills to offer. If you can help or would like more information, talk to me or call the Credit Union on 8520 8740. Night Shelter
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55 Wallwood Rd,
