Businesses in North Lanarkshire are being encouraged to sign up to credit unions as employer partners following an event held at ACS Clothing at Eurocentral.
The business breakfast gathering, held in partnership with North Lanarkshire Council highlighted the issue of in-work poverty and how credit unions can help, as well as the benefits of saving with credit unions through payroll deductions.
The event was attended by local businesses who heard from representatives from The Joseph Rowntree Foundation, the Poverty Alliance and the Scottish League of Credit Unions, as well as some North Lanarkshire businesses that have already signed up to credit unions and about the benefits to their employees.
Lazy Days Foods is one of the UK’s leading manufacturers of free-from food products.
They have 140 employees at their premises in Harthill and signed up as a credit union employer partner in 2020.
Sally Beattie, joint managing director, said: “We introduced the Scotwest Credit Union to our employees to allow them to save and access other services directly from payroll.
“Employees don’t notice this as much as they would with regular loan repayments and savings.
“The more we can do to make life easier for our employees, the better.”
ACS Clothing Ltd, the EU’s largest Circular Fashion Hub, signed up as a credit union employer partner last year.
One of their employees has benefited greatly from the services offered by credit unions.
As a neurodiverse person, diagnosed with ADHD, they struggle with executive function, a common issue faced by neurodiverse people, which can make saving money difficult.
The credit union facility offered through ACS Clothing’s partnership allows them to save a set amount each month via salary deduction, which goes into a savings account with a competitive interest rate..
As well as savings, credit unions also offer low interest loans.
At the beginning of 2024 the same employee was faced with a broken washing machine that needed replaced and currently being in a debt arrangement, they had limited options to obtain finance to purchase a new machine.
A low interest credit inion loan that was approved within a day of application and monthly repayments are made easily through payroll deduction.
There are 19 credit unions operating in North Lanarkshire; to find out more about how they can help you or your employees, or to encourage your employer to sign up, head online.
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