CREDIT UNIONS
A Credit Union is a profit sharing, democratically run
financial co-operative which offers convenient savings and low
interest loans to its members. The members own and manage their
credit union themselves.
The three main aims of a Credit Union are:
- To encourage its members to save regularly.
- To provide loans to members at very low rates of interest.
- To provide members with help and support on managing their
financial affairs (if required).
What are the benefits of a Credit
Union?
- It is an easy and convenient way to save and borrow.
- It offers very low cost loans.
- Insurance at no direct cost.
- It's a way to learn new skills.
Credit unions can provide a focal point for a community by
bringing people together, to work alongside each other for their
own benefit and the benefit of the community as a whole with
organised events, family fun days, quizzes, etc.
A credit union can help to revive the local economy by keeping
money in the community. Loans to Members can mean income for local
shops and businesses.
How do they work?
The members make regular savings, as little or as much as they
wish. These savings then form a common pool of money from which
loans are made to members. When members have been saving for a
certain period of time (usually about 12 weeks) they can apply for
a loan from the pool. Interest on the loan is charged at only 1%
per month on the monthly reducing balance. 12.68% Annual Percentage
Rate (APR).
Who can join a Credit Union?
People who join a Credit Union must belong to what is called a
"Common Bond". This could be that you reside in a specified area,
or you work for a particular employer or that you are a member of a
club or association.
Credit Unions welcome everybody from within the Common Bond
regardless of income, employment status or age.
North Yorkshire Credit Union has which has been
part-funded by the County Council is a local financial
co-operative, owned and controlled by its members. It provides
straightforward savings and loans products for people living and
working in North Yorkshire and York.
EXPORTING
Could your business successfully compete in the overseas
market?
- Do you have a sound knowledge of your target markets?
- Are your products right for the target market?
- Do you have the necessary resources to export overseas?
For an evaluation of your business' strengths and weaknesses you
can use the Are You Ready to
Export? checklist on the Uk Trade & Investment
website
Further information on exporting is available from the
Business Link website
BUSINESS SECURITY
Security is an important issue for businesses- whether you are
securing your computer systems or your premises. By adopting
a practical approach to security you can minimize risk, reduce
insurance premiums, meet regulatory requirments and provide piece
of mind for you and your staff.
Here are 10 top tips to help.
- Do several things - don't rely on one solution
- Ensure ALL staff are alert to suspicious behaviour
- Check your security arrangements are in place and working well
- you should, however, have your alarm system regularly checked -
but take this opportunity for an early Spring clean. AS well as
ensuring your alarm works, make sure the police have the correct
key holder details.
- Check your insurance and that you are happy with the amount of
cover.
- Handle cash with care - do not leave large amounts of money in
the premises overnight and vary your routine when you are going to
the bank.
- If you are closing down for a period, put your email on 'auto
response' so that anyone who tries to contact you will get an
automatic reply saying your calls are being monitored and dealt
with. Do not say you are closed, it could be just the invitation
that thieves are looking for.
- Keep boundaries to the premises secure by restricting access
from low roofs and other buildings.
- Protect high-value equipment/goods - control access to stock
rooms or manager's offices or use security tagging of equipment for
peace of mind.
- Set up partnerships - share information with other businesses
and link with community police officers and other crime prevention
groups in your area.
- Use lighting to increase the chances of intruders being
noticed.
For information regarding grants for security measures go to
Sources of Funding for Businesses.
Please send any comments to econdev@richmondshire.gov.uk
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