The NFRN has saved a store owner from losing their home due to debts.
According to the NFRN, the member called after their local council chased them for significant amounts owed in backdated business rates. The NFRN Connect then helped the retailer secure a short-term loan with the NFRN’s Credit Union.
NFRN regional development manager Jean Falarczyk described the impact on the shop owner stating: “Once they received the loan which enabled them to pay off the council they were incredibly pleased.”
Unlike commercial loans, the NFRN says it is a low cost ‘sympathetic lender’ which pays back all profits to members in dividends. Credit unions are member owned co-operatives. NFRN national president Stuart Reddish said the Credit Union was important as it supports stores “when their requests for help have been rejected by the mainstream banks”. Speaking at the NFRN’s Brighton annual conference in June, he said: “New systems will be rolled out this year to help NFRN members create even bigger, more profitable stores.”
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