Forres Area Credit Union is 25!
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A PEOPLE'S alternative to banks is celebrating a quarter century of success.
Forres Area Credit Union (FACU), which was initially started to help families whose members had been made redundant from the McDermott fabrication yard in Ardersier, offers its 3000 members from across Moray and Nairn safe savings facilities and loans at favourable rates of interest, while promoting financial education and encouraging good savings habits.
FACU chairwoman Lorna Creswell confirmed a dividend of 0.25 per cent was welcomed by the audience at its recent AGM.
She said: "We couldn't pay a dividend last year as there was no surplus but this year we have gone back to volunteers after having a paid manager.
"We are planning to open collection points in Buckie, Lossiemouth and Elgin in 2020 as well as re-branding a revised name. More volunteers will need to be recruited and trained to provide a service. The Forres base will continue to be the main location. A new computer system will be installed this month that allows a broader range of transactions and offers easier access for those in rural areas."
Maggie Bell has volunteered at FACU at least one day-a-week since it first started 25 years ago.
She said: "I enjoy the social aspect; meeting people and spreading the ethos of the credit union which is about community; people helping people. Know your members is a phrase we often use as relationships are built up over the years.
"Our interest rates are affordable. The maximum is 42.6 APR whereas with many online lenders interest rates are over 1000 APR."
"Our new system will allow people to join and apply for loans online while our services will become more accessible."
The modern credit union movement can be traced back to a major in Germany who formed societies in 1849 which later evolved to enable people to help themselves in relieving debt and poverty.
Ms Creswell said: "We want to promote workplace savings. Employers can benefit with workers not having the stress of an expensive Christmas as FACU savings can be made directly from wages. Employees don't miss these small savings that can build to allow for borrowing safely, avoiding big debts."
She added: "Festive loan requests are welcome for the next fortnight. FACU has a coffee morning on Saturday, December 14 where we expect some saving members to spend their divi!"
Visit https://forresareacreditunion.co.uk/ for more information.
