Credit union sees increase in Bute and Cowal loans

The head office of the Bute and Cowal Credit Union in Rothesay's King Street.

The head office of the Bute and Cowal Credit Union in Rothesay's King Street.

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The Bute and Cowal Credit Union Ltd approved almost £20,000 more in loans to its members during the 12-month period to September 30.

A total of 130 loans, worth £149,900, were issued in the course of the year, compared to £130,500 in 2013-14 - though the actual number of loans approved fell from 140 to 130.

Between October 1, 2014 and September 30, 2015, thirty-five new members joined the credit union on Bute and 28 in Dunoon, where a new branch has been operating for the last 15 months.

A total of £259,700 was deposited in shares during the same 12-month period, compared to £214,900 in the previous year.

Speaking at the organisation’s AGM this week, president Janet O’Sullivan said: “The increase in the value of individual loans issued and in the amount of shares deposited is very positive for the viability of the credit union.”

As of January 19 this year, BCCUL had 421 members in total - 356 in Rothesay and 65 in Dunoon - including 12 junior members aged under 16.

* More in the next edition of The Buteman - on sale from Thursday, February 11.