Property management company offers interest-free loan program for employees
Scottish factoring company Newton Property Management launched a first staff loan program to help provide interest-free access to funds if they need it.
The company, which has offices in Glasgow, Aberdeen and Inverness, is committed to six figure employee charity fund to provide financial support. The fund aims in part to help staff members whose families are going through difficult times as a result of the pandemic.
Derek MacDonald, Co-Managing Director of Newton Property Management, said the goal of the program was to tell staff “we’re protecting you,” especially if their households are struggling with the adverse effects of the leave, as well as any loss of jobs and income elsewhere.
He added: “We know of workers whose families have been affected by the pandemic. This program aims to help them cope with unexpected or difficult situations, and is eligible for all Newton employees who have been employed by the company for at least one year.
Mr. MacDonald said the program capped loans at no more than twice the employee’s monthly salary. He added: “However, it is not just for the people who are suffering the financial effects of the pandemic. Whether it’s a deposit on an item, work on a house, or an unexpected bill that is urgent, we want our employees to know that we are there for them.
A colleague of Newton who accesses the program is Lewis littlejohn. Lewis said he had recently moved, is on the verge of getting married and starting a family, and wanted to set up a new kitchen.
He said, “For me, a hugely beneficial part of the program is that it can help fund a much needed home improvement. But I’m also very happy that Newton has made it available to those who may need to fight the financial effects of COVID, where household income may be declining due to job loss or loss of life. ‘leave. “
Derek added, “Some of our employees, like many people in our company, are not regular savers. This program will allow colleagues to access funds that they can repay over a specified period without interest.
“We want to recognize through this program that we really value our colleagues. We hope that through this they can see how much we appreciate the work they do and continue to do for us and our customers.