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Hi-Scot Credit Union Celebrates 10 Years

14th October 2016

Photograph of Hi-Scot Credit Union Celebrates 10 Years

HI-Scot Credit Union celebrated its 10th Birthday on Wednesday 12 October 2016.

Since HI-Scot first opened its doors in late 2016, it has provided loan and savings products to its members.

Despite an extremely challenging economic environment for much of its life, including the worst recession in living memory, HI-Scot has continued to grow and now serves over 2,600 active members across the Highlands and Islands.

In its Western Isles base, HI-Scot is an established alternative to the mainstream banks. As an example, HI-Scot has enabled much of the local workforce to get around by approving over 500 loans for motor vehicles.

Across the wider Highlands and Islands, HI-Scot has processed loan applications worth over £8 million and taken deposits from members of over £11 million.

A significant investment has been made in the HI-Scot online presence which now sees members joining and transacting with the Credit Union from the comfort of their own homes. This improved accessibility is expected to see significant growth in numbers, particularly across the Highlands and the Orkney Islands.

In order to mark the occasion HI-Scot held 3 simultaneous parties at 2pm on Wednesday 12th October 2016. These events will took place in Stornoway, Inverness and Kirkwall.

Councillor Bill Fernie who is also a volunteer director of Hi-Scot got a few councillors between meetings to have piece of cake. He said, "Growth of membership has been steady in Highland and I hope the new online services will boost that number and make known the advantages of saving or borrowing from a credit union like ours where all profits go back into members services. Reaching the 10 year milestone proves we can run things and I am sure we will continue to add value for our members and hopefully many new members in coming years."

Western Isles Credit Union is open to anyone who lives or works in the Highlands & Islands. For more information visit the HI-Scot website at www.hi-scot.com

PHOTO
Councillor Isobel McCallum, convenor of Highland council holds the cake with councillor Bill Fernie from Wick and other councillors from different areas also in attendance.

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