Workers' co-operatives

Workers cooperatives and cooperative development agencies are a multi-disciplinary, non-profit making organisations that aim to enable people to take a full part in economic life.

In brief, a workers co-operative is a company which is owned by it's employees.

In brief, a workers co-operative is a company which is owned by it's employees.

Setting up requirements include:

Registration at Companies House under the Companies Act.
Must satisfy registrar that the proposed name is acceptable.
Registration under Industrial and Provident Societies Act with the Registrar of Friendly Societies.

Must satisfy registrar that the:

co-operative is bona fide
co-operative has at least three members
proposed name is acceptable.

Further information and contact details:

Industrial Common Ownership Movement Limited
78 Kirkgate
Leeds
LS2 7DJ

Tel: 0113 246 1737/ 8

Credit Unions

A Credit Union is a profit sharing, democratically run financial co-operative which offers convenient savings and low interest loans to its members.

The members own and manage their credit union themselves. In most of the world, credit unions are well established. Credit unions are steadily increasing throughout the UK in both communities and the work place (e.g. Police Force, British Airways, Fire Service).

The three main aims of a credit union are:

to encourage members to save regularly
to provide loans to members at low rates if interest
to provide members with help and support on managing their financial affairs (if required).

Benefits of a credit union:

it is an easy and convenient way to save and borrow
it offers low cost loans
insurance at no direct cost
its a way to learn new skills.

The credit union can provide a focal point for a community by bringing people together, to work alongside each other for their own benefit and for the benefit of the community as a whole.

It can help to revive the local economy by keeping money in the community. Loans to members can mean income for local businesses and shops.

For more information use the links below:

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