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Moray Firth Credit Union continues to offer low interest loans decades on from its humble beginnings





A ‘people’s bank’ founded in Forres but expanded across the area is celebrating three decades of helping local families.

Moray Firth Credit Union (MFCU) - based at 53 High Street, Forres - looks after savings while offering affordable low interest loans, and is open to anyone who lives or works in Moray or Nairn.

Finance assistant Loida Cruz dressing the credit union's current window display.
Finance assistant Loida Cruz dressing the credit union's current window display.

Co-founder and director, Lorna Creswell, confirmed the not-for-profit community bank is run by six local board members and 13 volunteers, and now has 1000 active members as far away as Buckie.

She said: “Thirty years’ effort has brought many benefits to the area but we need more young people to bring in new ideas for further development.

“It will be interesting to see how Ardersier develops, where the fabrication yard folded all those years ago. Revitalising and stimulating the area is what we all want to see, through cooperative working.”

Forres Area Credit Union started in 1995 following the closure of McDermott’s in Ardersier which left the area with the then-second highest unemployment figures in Scotland.

The savings and loans cooperative supported local families via a small room upstairs at Forres House Community Centre, where volunteers made savings collections twice-a-week.

David Thompson, Alan James and Lorna Creswell launching the Moray Firth Credit Union at 53 High Street, Forres.
David Thompson, Alan James and Lorna Creswell launching the Moray Firth Credit Union at 53 High Street, Forres.

“We used government statistics including local child poverty levels as evidence to apply for grants to get set up,” explained Lorna.

“There were about eight folk involved - some have since passed away. Betty Fawcett and Gwen Bartecki, for example, volunteered for years. People sat queuing outside the door to speak to us - many were distraught as husbands were paid off at Ardersier.”

As membership expanded, the social enterprise invested in its own premises at 138 High Street in 2007, where it remained until 2017 and its final move to 53 High Street.

Word of the savings and loans co-operative’s success spread through the region. As enquiries about joining from outside Forres increased, Forres Area Credit Union applied for permission to change its name.

The Financial Conduct Authority granted this in 2020, just as the covid pandemic took effect.

Member Anne Mackenzie and assistant Sue Hellon during the covid lockdown when the credit union continued to offer services.
Member Anne Mackenzie and assistant Sue Hellon during the covid lockdown when the credit union continued to offer services.

“The needs of our members changed,” explained Lorna. “Some lost employment, others became furloughed and everyone was uncertain about the future. Bad debts escalated as members couldn't manage on reduced benefits and wages. Mental health was at an all time low!”

MFCU administered Moray Emergency Relief funding and became the drop-off point for material to make scrubs for the NHS.

Lorna said: “We had to recruit replacements for board members and volunteers as board members and a key worker resigned due to age and poor health.

“We could have closed but we installed shielding screens and continued to support the community. Numerous organisations donated food vouchers, clothes and Christmas gifts for us to distribute to families we knew were in need.”

MFCU recently completed further renovations and is now offering hot desks and space for outside agencies and individuals activities.

Postmaster Paul McBain, Bank of Scotland customer services manager Paul Grant and counter clerk Sylvia McKenzie at the temporary banking hub in the credit union before it moved to the former Clydesdale Bank building at 96 High Street.
Postmaster Paul McBain, Bank of Scotland customer services manager Paul Grant and counter clerk Sylvia McKenzie at the temporary banking hub in the credit union before it moved to the former Clydesdale Bank building at 96 High Street.

“We now have a private soundproof room for interviews and have partitioned off the open plan,” added Lorna. “We have also converted a storeroom into a boardroom/meeting room. Anyone interested can see if we can meet their requirements.”

This year, MFCU hopes to encourage more local employers to offer employees the opportunity to save regularly via automatic wage deductions.

It is also offering the first 30 applicants free membership on joining.

“Our first new member of 2025 was Lynn McKenzie,” said Lorna. “We look forward to welcoming more.”

MFCU also needs new volunteers to help with telling, in the boardroom, window dressing and engaging with community groups.

First new member of the year, Lynn McKenzie, signing up after the credit union was recommended by her friend and fellow member, Sonja Creswell.
First new member of the year, Lynn McKenzie, signing up after the credit union was recommended by her friend and fellow member, Sonja Creswell.

“We always need more,” finished Lorna. “We hope to put a succession plan in place.

“Members are welcome to attend our 30th AGM on Tuesday, January 28 at 6pm when more celebratory events for the year will be announced.”

See https://www.morayfirthcreditunion.co.uk/ for more information.


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