Tell us a bit about yourself and the business.
Ryan McCaughley: “My name is Ryan McCaughley, and I’ve been with Lurgan Credit Union for six years as a cashier. My role involves handling member transactions daily and maintaining the high standard of member service that Lurgan Credit Union prides itself on.”
Enya Brady: “I’m Enya Brady, and I started as a cashier six years ago. For the past four years, I’ve also been the Insurance and Lodgement Administrator, alongside my cashier duties. I thoroughly enjoy being part of the team at Lurgan Credit Union and offering our help and services to the local community.”
“Lurgan Credit Union has been an important part of the local community for almost 60 years. We offer affordable, responsible lending to our members and support local community groups and charities through donations.
!Lurgan Credit Union exists to promote the financial stability of our members through flexible financial solutions tailored to their needs.”
How did the business start?
“Lurgan Credit Union held its inaugural meeting in December 1963 at St Anthony’s Hall, with the notice of the first meeting published in the Examiner Newspaper.
“The attendees agreed on the need for a new type of financial institution in the town, one that was actually owned by its members.
“As a result, Lurgan Credit Union was established with an initial 18 founding members, each depositing £1 to start the business. By the end of 2020, the Credit Union had almost 27,000 members with savings/shares worth £71 million, and a loan book standing at £21 million.
“We’re pleased to be promoting the Credit Union for the future and have nearly 4,000 junior accounts with almost £4 million saved”.
Why is shopping local so important?
“It’s important to save and borrow locally to strengthen the wider community. Lurgan Credit Union is a co-operative, meaning that savings from our members are used to make loans to other members within the community.”
“The interest from loans and investments is used to cover operating expenses and build reserves or capital.
“As Lurgan Credit Union is a not-for-profit organisation, any surplus after these expenses can be returned to our members in the form of a dividend or loan interest rebate. After the Credit Union has retained some profit to build its reserves or capital, it pays a dividend to savers. Additionally, we give back some of the interest paid by our borrowers.
“With Lurgan Credit Union, you are a valued member, not just a customer. We pride ourselves on our member-first service and a strong focus on supporting the local community, especially compared to traditional banks. Essentially, you receive more benefits as a member than you would as a customer.
What do you love most about your town?
“Our community and members have supported us throughout our 61-year journey. The people of Lurgan, Craigavon, and the surrounding areas often come together to support local charities and organisations. We hope that we have reciprocated this support.”