Local Business Profiles: Omagh Credit Union Ltd

Name: Catherine Loughrey
Business Name: Omagh Credit Union Ltd
Business Location: 18-20 John Street, Omagh

How long have you been in business? Omagh Credit Union Ltd have been in business since 1965. We are in our 56th year and proudly going from strength-to-strength. We began with only a few members and a few pounds, but now have a membership of over 12,000 senior member and 2,400 minor members (birth to 16) and shares of £30 million.

 How many staff do you employ? There are currently ten staff. Seven full-time staff and three part-time. I have been working with Omagh Credit Union since 1988 (over 30 years) and have been office manager since 1994.

The staff have been with Omagh Credit Union since the 80s etc. We have witnessed the Credit Union growing and expanding in ways which I’m sure were not envisaged when we began. 

What are your strengths? Where do I start? The Credit Union as a financial co-operative was formed to serve its community. To educate people into saving and borrowing. To make borrowing affordable to everyone.

As a non-profitable organisation, we pay our surplus back to members by ways of dividend and interest rebate.

Our members are our shareholders and they all receive the same dividends and interest rebates.

One of the biggest strengths any Credit Union has are their Board of Directors. The Board are volunteers from our community who give their time to help run the Credit Union from a governance point of view.

They are the lifeblood of a Credit Union and we are always looking for volunteers.

What is your role in the business? As the manager I run the day-to-day business in the office. No two days are the same. We very much pride ourselves in dealing with our members face-to-face. One day I could spend all day sending reports to our regulatory bodies, the next I could be dealing with our members in the office.

Since coming to Omagh Credit Union as a teller and working my way to office manager I have witnessed many changes through the years. Myself, along with all the staff, continue to complete courses to keep us up to date with any changes to enable us to educate our members accordingly. I know many of our member personally which I believe has enhanced my dealings with the members.

Has Covid-19 affected your business? As with every business, last year was a difficult year. We closed our doors to the public for a number of weeks at the beginning of the pandemic but having been identified as an essential service, now more than ever, we are aware of the important role we have to play in the community and for our members, both during this pandemic and beyond. For some of our members we are their only financial service provider – something that we take great pride in. Covid-19 presented difficulties for everyone, both on a personal and business level. For our business, the main priority was the health and safety of our staff and members.

Upon reopening the doors to the public we were able to have a one-way system in place. We work in two teams meaning less people at the counter. We also quickly set up the facility to withdraw online and complete loan applications, ensuring the members needs were met. Many of our members were affected through job losses and may not have been in a position to repay.

We put in place a holiday repayment break which helped them try to get back on track. The Credit Union is always here to help people. We would urge our members who are having difficulty making repayments to contact our office. We are not here to judge and we will strive to do whatever we can to make things easier for them.

What makes your business unique? We are unique because, like all credit unions, we are member-owned. When you deposit money in your Credit Union account you become an owner member of the Credit Union. We are for everyone and we are there to provide a financial community. The idea is that members mutually benefit as there is no profit for third party shareholders.

This can often mean helping those who can’t get access to ordinary bank products, a lifeline for people in less well-off communities who are grappling with finances.
Plus, we see ourselves as a welcome alternative to payday loans or doorstep lending. Remember Credit Unions are not-for-profit and your money is safe.

What are your plans for the future? I feel Credit Unions have become increasingly important over the past decade. With the flight of bank branches from small towns I feel we are nurturing sustainable, healthy societies. Financial exclusion is a continuing problem and Credit Unions are a solution.
In Omagh Credit Union we are looking at challenges in three areas: accessibility, relevance and competition. I feel that online services are important to our Credit Union’s sustainability.

We are supported by our IT system and we are concerned with keeping up-todate with the latest digital technology and application. We in Omagh Credit Union are focused on how to use members information and publicly available data to drive strategy, operational activity and marketing. Any survey we do will be used to ask about services that our Credit Union can realistically provide and we see that it is important to report to members on survey findings to show we as a Credit Union are listening.

We at the moment enjoy strong member loyalty. We have a skilled workforce and due to high levels of savings, have readily available funds for lending. We continue to focus on the welfare and sustainability of our members in our community. We believe ‘members matter most’.

Ulster Herald Local Business Profiles in association with Omagh Chamber of Commerce