Just Credit Union Karen celebrates 20 years at the credit union helm
Karen Farrow, Chief Officer of Shropshire’s not- for-profit savings and loans co-operative, is celebrating 20 years at the helm.
She joined Just Credit Union in 2004 not long after its foundation and has seen many changes as well as considerable growth. During those 20 years the credit union has lent a total of £23,776,735 with over 40,037 loans.
Karen said today: “Whilst we are here to assist anyone who lives or works in the county, a significant amount of those loans were made to low income families and I estimate that has saved our members over £12m in interest compared to a high cost credit alternative.”
In 2004, the year Karen joined, Just Credit Union reached their 1,000th member, had savings balances of £250k and granted 326 loans. This year, Just Credit Union reached10,000 members, has a savings balance of £4,214,925 and has granted 3,123 loans in the financial year.
Said Karen: “During this time we have remained true to our core principles of putting our members first and helping them get greater control of their money, whilst at the same time supporting our community.
"What people save with us is lent into the local community at affordable rates and the interest paid on loans pays to run the credit union. So whether saving or borrowing members can be reassured they are helping other people in their community.”
She added: “I am proud to be managing a community led business on behalf of its members and for the benefit of members and local communities. I would like to thank all our members, partners, and supporters who have helped with our journey.
“We look forward as a team to serving our community for many years to come.”
