Why I Am Immensely Proud To Be Managing A Real Community Led Business On Behalf Of Members

Did you ever wonder why we call you members and not customers?

It’s because when you open an account with Hoot you are joining a special kind of business. We are a co-operative, which means that our account holders – members- own the business. This is not just a shareholding, it is an real stake in the business that provides the services you need.

As a member you get to share in success in the form of a dividend or share of the profit. You also get to elect your representatives, the Board of Directors, who are all members just like you. The Board is responsible for the strategic direction of the credit union, make sure it is managed well and that members interests remain at the heart of what we do.

This is how it works:

Hoot is a co-operative, community business offering ethical and affordable financial products to our members.

The money saved by members is pooled together and used to offer low interest loans. This is how we can offer an alternative source of credit at a fair rate of interest.

Members are encouraged to save for the future and in return, they receive affordable credit and access to low cost loans.

The interest received on the loans pays for the administration of the credit union with any surplus being put into reserves and, when possible, paid back to the members in the form of a dividend.

For this reason both savers and borrowers are essential to a successful credit union. Members know that by saving with Hoot they are benefiting other people in the community or workplace.

Have your say

We have a couple of Annual General Meetings coming up. Firstly the meeting to review the year to September 2019. This has been delayed because of Covid-19 (what hasn’t!). So this will happen online on Wednesday 27 January at 5pm. All members are invited to attend, find out about how well we are doing and elect your representatives on the Board.

If you have not already booked you can do so here.

News of the AGM for the year to September 2020 will be sent to all our members in March.

Social value

Finally, if you want to learn more about how being a member of Hoot benefits you and the community, download our social value report – The Owl Effect.

Over the past year, in the most difficult of times, Hoot staff have worked very hard to make sure service is not interrupted and members receive the best possible service.

Why wouldn’t anyone be proud of being part of such a community led organisation?

19 Jan 2021

Author: David Batten, CEO
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