LOCAL Conservatives are encouraging business to put their spare cash into Thurrock’s Credit Union, for the benefit of hundreds of local customers.
The Credit Union is a safe home for small business’ money, as up to £85,000 is covered by Government guarantee. Instead of a bank holding the money and paying minimal interest, the Credit Union can use it to offer loans to local residents or traders who need affordable credit.
Supporting the initiative, Conservative spokesman for Communities Cllr Phil Anderson said “The Credit Union does wonderful work for its members. It safely lends money to people who would otherwise be vulnerable to loan sharks or at risk from sky-high interest rates of payday lenders. It also teaches budgeting skills and good saving habits, to help people avoid getting into problems next time round.
“To do this work, the credit union needs support from savers. I am self-employed, and like many small businesses, I save money throughout the year to cover my tax bill. By opening an account with the Credit Union, I have a safe and convenient place for my savings, and rather than earning a pitiful rate of interest, I know that the money will be put to really good use.
“This is a win-win situation. Residents benefit from safe access to lending, and businesses get to put something back into the community, enhancing their reputation, and of course potentially attracting some new customers.”
Businesses interested in opening a deposit account with the Credit Union should contact Essex Savers via their website www.essexsavers.co.uk/