Oktoberfest exhibitors encouraged to save ethically
Published by Kelly Elliott for Derwentside Homes Ltd in Housing and also in Communities
Prince Bishops Community Bank Manager Lesley Richardson (front) pictured with staff from the credit union.
Exhibitors at the North East’s biggest engineering and manufacturing show will be encouraged to support local communities by signing up to an ethical savings scheme.
Businesses attending the Oktoberfest exhibition will be able to find out more about the payroll deduction scheme offered by local credit union Prince Bishops Community Bank.
Through the scheme, money is transferred from an employee’s salary straight into a credit union savings account each month, with funds then available to provide low interest loans to members, steering them away from loan sharks and other illegal lenders.
With almost 120 companies exhibiting and more than 1,000 expected to attend the event, which takes place at the Xcel Centre in Newton Aycliffe on Thursday 17th October, Prince Bishops Community Bank Manager Lesley Richardson is hoping to attract plenty of new members.
She said: “The payroll deduction scheme is a really simple and convenient way to save and is great for putting money aside for holidays or Christmas.
“Becoming a corporate member of the credit union and joining the scheme not only benefits employees by encouraging them to save regularly but also employers by helping their employees deal with money worries.
“There have been lots of stories in the news recently about the impact of payday lenders charging sky high rates of interest and I think more and more people are looking for a more ethical ways to save money and access loans.”
Prince Bishops Credit Union was established in 2010 and is based in Stanley, County Durham. It has around 2,900 members and operates collection points across the local community including in local schools.
One of the credit union’s newest corporate members is the Northern Housing Consortium, which recently signed up to the payroll deduction scheme.
Head of Commercial Development Tracy Harrison said: “As a membership organisation for social housing providers, the Northern Housing Consortium are obviously very concerned with the problem of financial exclusion in our communities.
“We have done a considerable amount of work to support and promote the credit union movement and the benefits that its brings in terms of responsible lending and encouraging savings, so it’s great that we now have our own staff involved with a local credit union’s savings scheme.”
Now in its sixth year, Oktoberfest is the biggest manufacturing event in the region, bringing together businesses from across the North East and beyond, providing networking and marketing opportunities and promoting the work being carried out within the sector.
For more information about Oktoberfest please visit www.durhamoktoberfest.org.uk/Home