Kilrea & District No. 5 - Newsletter

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20 years of Steady Growth 
Your Credit Union in Kilrea was formed by a small band of optimistic enthusiasts in Kilrea Orange Hall in 1988.  This limited company has grown in value from some £60 in 1988 to approximately £500,000 today with our own fully paid-for office and caretaker's flat.

A very successful anniversary dinner was held in the Lodge Hotel on 20th September 2008 to mark the first 20 years. The Credit Union was honoured with the presence of husband and wife team Richard & Gladys Copeland MBE, both of whom were instrumental in introducing us to the merits of forming our own finance company in the first place.

We were equally pleased to have our founding member Mr Leslie Blair as our main speaker. He reminded us of our early history and the importance of continued diligence in all our operations. 

New Easier Loan Applications!
The Credit Union is in the business of giving the very best of loans for small savers. We pride ourselves in providing credit at a very affordable rate of interest without any set-up fees or penalties.

Once members have achieved 13 weeks of steady saving they can apply for a loan if they can demonstrate a genuine ability to repay. Loans must be for sensible purposes and can be eventually up to four times the level of the member’s shares.  At Kilrea & District No.5 CU Ltd we have been pleased provide loans to help with all manner of  purchases.

To assist the hard-pressed volunteers behind the desk, the Credit Union has produced a new Loans Pack which can be filled up in the privacy of the member’s own home.

Applications which can be directly filled-in online are also in the pipeline for the near future…. 

U.F.C.U. Forges Ahead
When Kilrea Credit Union helped to set up the Ulster Federation of Credit Unions in 1994 they transformed the face of local finance in Ulster. Some 88 credit unions flocked to join and today this body is the guardian of the movement in Northern Ireland.  A Kilrea member steered the fledgling body for its first five years. To this day Kilrea still has a member on the executive board of  the UFCU.

The UFCU now provides the Life Insurance cover for CU Loans and the Fidelity Bond insurances for Credit Union Board members. Over the past 10 years they have also developed a Share Protection Scheme which safe-guards members shares from bad management practices. They also hold regular inspections of Credit Union procedures to make sure that they are not breaking the law and that member’s shares are being properly documented and invested  with prudence.

C.C.T.V. is watching You! 
This summer saw the installation of a new security camera system in your Credit Union office. The old one was out of date and its images were not legally useable.