First Rate Credit Union and BAE Systems Launch Employee Hardship Fund

Monday 29 January 2024

BAE Systems is helping employees manage their money through First Rate Credit Union’s (FRCU) offerings of payroll savings, loans, and Hardship Fund grants.

The Fund, created in partnership by the two organisations, is designed to alleviate short-term financial hardship among BAE Systems employees in the UK and build their financial resilience. To be eligible for the grant, the individual must be a BAE Systems employee in the UK, facing immediate and specific hardship, and previously failed a credit union lending assessment.

“This fund exemplifies BAE Systems’ commitment to employee welfare” said Mike Barry, CEO, First Rate Credit Union. Mike added that the Fund “provides a vital safety net for employees facing unforeseen financial challenges, thus ensuring their stability and ability to continue contributing effectively in their role”.

2023 has been a record year for First Rate Credit Union with its membership increasing by 18% and lending up by 24%. Mike revealed that the credit union gained as many members last year than in it did in the first 28 years of its existence. Mike attributes much of this success to the move to an online digital model which “has opened [FRCU] up to BAE Systems employees across the country”.

First Rate Credit Union celebrated its 40^th anniversary in 2022 and one member won the top prize at the AGM and drove away in a brand-new Toyota Yaris Hybrid.