As Coop Fortnight 2020 draws to an end we take a look at a guiding cooperative principle that is close to Northern Community Bank’s heart – Concern for the community.
Throughout the last two weeks we have looked at the cooperative values and principles that shape the way our community bank is run. The only reason that Northern Community Bank operates is to benefit the local community. Although this cooperative principle was only adopted as an official principle in 1995, many coops including Northern Community Bank, have been living the principle since they started.
Concern for Community
Co-operatives work for the sustainable development of their communities through policies approved by their members
What does ‘Concern for Community’ mean to Northern Community Bank?
Cooperatives as businesses operate to help the people who join them and the people in the wider community. Some cooperatives work to solve problems for the community and others offer local people the opportunity to join together to solve their problems – Northern Community Bank tick both boxes. Our founders recognised that people in the community needed safe savings accounts and access to affordable loans.
Thirty eight years ago Northern Community Bank was created and run by members, just as it is today. In those years we have identified financial issues that needed to be addressed and designed products to answer those needs. For example when members of the community highlighted difficulty saving for Christmas, we introduced the Christmas Savings Account which has gone on to be a great success, helping families at one of the most stressful times of year by providing an opportunity to save as little or as much as a member wants throughout the year but only being accessed during November and December.
We work tirelessly to offer an alternative to high interest lenders that target the community, whether it be payday lenders, pawn shops or rent-to-own payweekly stores.
Concern for the community has always been at the top of the agenda for co-operatives like Northern Community Bank. As members, if you see an area that we could help the finances of the community in – please get in touch.
