East Sussex Credit Union, the county’s leading ‘not for profit’ savings and loans co-operative has confirmed that The Lewes Pound has become its first business member. The news comes hot on the heels of the credit union’s recent announcement that it would be opening its doors to the local business community, since when there has been growing interest from firms across East Sussex.
Susan Murray, Treasurer at The Lewes Pound, says: “The Lewes Pound is dedicated to supporting Lewes – our local economy and local people – by keeping money local. We are proud to be opening the first business account with the East Sussex Credit Union, which also supports the community with savings and affordable loans that offer real help to the less fortunate in society. We hope this new account will be the start of a long and productive relationship enabling us to find ever more innovative ways of keeping money local and working with the local community.”
Richard Priestman, President at East Sussex Credit Union, said: “We are thrilled to welcome The Lewes Pound as our very first business member. They have recently opened a savings account with a welcome investment of funds and will now be using our service to supplement their existing banking arrangements. This is great news for us and a real endorsement for the credit union and the security we offer to individuals and businesses that deposit money with us. Hopefully, many more local firms will now follow their example.”
He went on: “Like the Lewes Pound more and more local people and firms join us for ethical as well as financial reasons. They are fed up with seeing their hard earned cash paying for big bank bonuses or increased returns for shareholders; and with some instant access savings accounts now offering less than 1% interest, they are voting with their feet and joining us instead. They really appreciate that their investment contributes to support others in their local community.”
Investments placed on deposit with the credit union attract an annual dividend, are secure and can be accessed easily. Funds are used to support others in the local community requiring affordable credit. Loans of up to £15,000 are also now available at competitive rates of interest to businesses, with individual loan transactions developed to suit particular needs and with no arrangement or exit fees.