British credit union marks lending, savings milestones

Hoot Credit Union in Bolton, England marked a pair of milestones recently, having made its 10,000^th loan and hitting the £1.5 million-mark for savings.

“This is a fantastic moment in the history of Hoot,” CEO David Batten told the Association of British Credit Unions, Ltd. “It represents a significant achievement for us and the people of Bury and Bolton. We are delighted at not only the amount we have lent, but also the amount we have saved for our members. It has been a fantastic year for Hoot, over 500 new members joining, an increase of loans and savings, and the launch of our new website.”

Batten credited the new website with helping the credit union reach more people and expand membership.

Hoot CU is also touting the results of a recent membership survey, which revealed a significant interest among consumers in saving and managing money.

Among the findings:

• 56 percent of members said they were saving for a specific item
• 29 percent said they were saving for the future
• 42 percent save regularly (each week or month)
• 21 percent save when they can
• 74.7 percent said they are confident in their money-management skills
• 70 percent said they have their finances under control.