Ethical lender asks Stockport business leaders to invest in local community
In an open letter to the people of Stockport, the chief executive of Stockport Credit Union has appealed to anyone with financial security to help others who are struggling to make ends meet or may be facing financial challenges during the coronavirus crisis.
In the letter, titled ‘Stockport Needs You’, Jonathan Moore, said: “In these difficult times we all want to help each other out and the current crisis is creating some fantastic examples of neighbourly and community spirit.
“It’s wonderful that those who need help can reach out and receive it.
“Sadly, in recent days, we have seen many more people looking to borrow and others are drawing on what small savings they have with us to tide them over.
“This is not surprising during the times we are living through. Some of the stories of hardship that we have heard point to some real challenges within our community.”
He added: “We are there so our community members can put food on the table and pay rent, without resorting to unethical and extortionate lenders. We would like more of our neighbours to join and become members so that we can do what we do best.”
Stockport Credit Union provides small loans to people who need help to make ends meet.
It also supports them to achieve financial independence and encourages them to save for the future and reduce their borrowing needs.
Mr Moore said: “If you feel you could move £1,000 of your savings away from your bank and into an instant access account with Stockport Credit Union, it would make a considerable difference.
“And we’d like to think we can get 1,000 people in Stockport to save £1,000 each.
“This would provide us with £1m and we could help many more of our neighbours to live a little bit more easily and protect them from the extortionate rates often charged by the alternative lenders operating in our community.”
Stockport Credit Union is a not-for-profit lending organisation, which is fully protected by the FSCS (Financial Services Compensation Scheme).
All money invested in credit unions is as safe as it would be with any bank. And, Mr Moore said, there are significant rewards for investors.
“When the business performs, we pay our members a dividend on savings held with us, comparable to the instant access accounts offered by banks. So our members share in our success.
“Secondly, and more uniquely, you will know that your money is being used to help local families facing hardship during these unprecedented and challenging times.
“Finally, we also know the money our lenders save in interest rates is spent in the local community – which is why credit unions give more back to the community they operate in.”