Property management firm offers interest-free loan scheme for employees
Scottish factoring firm Newton Property Management has launched an industry-first loan scheme for staff to help provide interest free access to funds if they need it.
The company, which has offices in Glasgow, Aberdeen and Inverness, has pledged a six-figure employee benevolent fund to provide financial support. The fund is in part aimed at helping staff members whose families are experiencing tough times due to the pandemic.
Derek MacDonald, Newton Property Management’s joint managing director, said the purpose of the scheme was a way of saying to staff “we have your backs”, especially if their households are struggling with the adverse effects of furlough, as well as any loss of employment and income elsewhere.
He added: “We know workers whose families have been impacted by the pandemic. This scheme aims to help them deal with unexpected or difficult situations, and is eligible to all employees of Newton who have been employed by the company for at least a year.”
Mr MacDonald said that the scheme capped loans at no more than two times the employee’s monthly salary. He added: “However, it’s not just for people suffering any financial knock-on effects of the pandemic. Whether it’s a deposit on an item, work on a house, or an unforeseen bill that’s an emergency, we want our employees to know we’re there for them.”
One Newton colleague who is accessing the scheme is Lewis Littlejohn. Lewis said he has recently moved home, is about to get married and start a family, and wants to put in a new kitchen.
He said: “For me a hugely beneficial part of the scheme is that it can help finance a much-needed improvement to my home. But I am also really pleased that Newton has made it available for those who may need to combat the financial effects of COVID, where household income might be down because of a job loss or furlough.”
Derek added: “Some of our staff, like lots of people in our society, aren’t regular savers. This scheme will allow colleagues to access to funds which they can pay back over a set period of time interest free.
“We want to acknowledge through this scheme that we really value our colleagues. We hope through this they can see how much we appreciate the work they do and continue to do for us and our customers.”