A Forres service set up to support people hit by unemployment in the 1990s is celebrating its 30th anniversary this year.
Forres Area Credit Union was founded in 1995 by a team of people who responded to the closure of the fabrication yard in Ardersier.
As a savings and loan cooperative, it provides bank accounts and lending services in an ethical structure. It’s wholly owned by its members. There are no external shareholders and all profits are returned to the credit union.
Lorna Creswell and Maggie Bell were among the initial group and still work as part of the team today.
Lorna remembers: “Forres at that time had the second highest unemployment figures in Scotland.
“We started in a small room in Forres Houses Community Centre, and it opened for two hours on two days.
“As the service expanded, it moved to premises at 138 High Street where the tattoo shop is now.
“However, it continued to grow and in 2017, we moved again to 53 High Street.”
With continued growth of geographic reach, it changed its name to Moray firth Credit Union and now also has a part-time service in Buckie at The Hub, 17 East Church Street.
“We’re now celebrating 30 years, and we’ll be announcing some events later in the year that the community can get involved in,” she said.
Manager Jackie Nicol added: “Credit Unions do not pay interest, but an annual dividend. Loans are calculated with simple interest rather than compound, so as your balance reduces, so do your payments, and you pay less interest over the term of your loan.
“The service was initially set up to help people who found themselves unemployed and in a difficult financial position, but today, there is more focus on being an ethical alternative to a bank.
“People from all walks of life use credit unions to support the community.”
Moray Firth Credit Union, 53 High Street is open Monday to Friday 9:30am to 1.30pm
Really fabulous work you all have done to help the local community!