Castlemilk Credit Union was established in 1990 to serve the financial needs of people resident in the G45 area (South-East Glasgow). At the time, poverty levels were very high; housing was in need of refurbishment and the people of the area suffered from lack of access to community resources. Confidence, self-esteem and aspirations for future development were low in the community. The Home Credit Industry provided the sole access to financial services for many families at very high rates of interest, which compounded the existing poverty levels.
The credit union was registered as a provident society under the 1979 Credit Union Act, regulated by the Registrar of Credit Unions. Following the introduction of the Financial Services and Marketing Act 2000, regulation and authorisation became the responsibility of the Financial Services Authority in July 2002. In the early days the credit union received funding support from the Urban Programme, Social Strategy and the social inclusion budget of Glasgow City Council. There is still generic support from Glasgow City Council in the form of rates relief, a measure that applies to all credit unions within the Council area.
The credit union opened its own custom built premises at 155 Castlemilk Drive in 2002. It is an accessible building with provision for car parking and close to other area amenities such as the library, swimming pool and business park.