Commsave Credit Union Provides a Safety Net for Fishing Industry Workers

Friday 19 April 2024

Commsave Credit Union offers services to a wide range of sector and businesses, including those working in the GB fishing industry – which has provided fishing families with a much needed safety net.

Research conducted by The Seafarers’ Charity in 2020 – “Fishing Without a Safety Net” spoke to 431 fishermen facing financial difficulties and explored how best to provide practical support. The research concluded that it was essential to create a ‘safety net’ to support the personal finance and financial resilience of fishing families – which led to a successful partnership with Commsave Credit Union.

Commsave Credit Union has stepped in to support the fishing industry and Deborah Layde, Chief Executive of The Seafarers’ Charity told Fishing News “Since our very first meeting, Commsave has been amazing in demonstrating understanding and flexibility to support the fishing community. Critically, the credit union has been able to arrange loans to support grant applications to the Fisheries and Seafood Scheme (FaSS)”.

Dominic Masterson, CEO of Commsave Credit Union  said: “Not only are we providing loans, we are also supporting fishing families with regular saving accounts, helping them save for the future and for as yet unforeseen challenges.

“Since the partnership was forged between the credit union and the Seafarers’ Charity, Commsave credit union has provided over £854,000 in low-interest loans to help 64 fishing families, including loans for match-funded government grants.

“We’re proud to play a part in supporting the financial wellbeing of fishermen all over the UK” said Dominic. He continued, “We recognise the challenges that many people face due to fluctuating income and challenges in accessing traditional mainstream services.

“We’re keen for those working in the industry to know that they have access to a safe and affordable source of credit – whether it’s for larger purchases like boat repairs or new equipment – or just simple things like items for the home – as well as a place to put away some savings to help deal with the times when money may not be coming in.”