Laois Chamber Alliance CEO, Caroline Hofman, caught up with Belinda Gyves, Business Development Executive with People First Credit Union, with branches in Athy, Abbeyleix, Stradbally and Portlaoise.
Tell us a bit about your role with People First Credit Union and your typical workday?
I work in a Business Development role; this allows me to support the continued growth of People First Credit Union (PFCU) by developing a pipeline for new business.
I also focus and engage in the development and promotion of other credit union activities including mortgages, community lending and engagement, member services, and promotion of financial products.
I love my job as no two days are the same! I work across all of our branches – Athy, Abbeyleix and Portlaoise. Depending on what’s in my diary, I could be exhibiting at a show or presenting to community groups, local businesses, schools or colleges.
I spend a lot of time on the phone advising members and non-members on the best PFCU financial product or service to fit their needs.
When was People First Credit Union established, and how have you grown and expanded since then?
People First Credit Union Limited was formed out of the merger of Portlaoise Credit Union and Abbeyleix Credit Union in September 2015. PCFU subsequently merged with Athy Credit Union in January 2017.
Today we operate across four branches, located in Abbeyleix , Athy, Portlaoise and a sub-branch in Stradbally. We have over 40,000 members and 44 staff. Our membership is growing month on month, and in 2022 we launched our membership onboarding.
This allows new members to join from the comfort of their home through our app using facial verification. It’s a game changer for people who don’t have the time to visit branches to open accounts. For members that want the face-to-face interaction, we still open accounts in all branches.
Credit Unions now offer mortgages, can you tell us about what People First Credit Union offers in terms of mortgage rates and opportunities for applicants?
Yes, Credit Unions are getting a lot of national press coverage as we currently offer some of the cheapest mortgages in Ireland. We can do this because our interest rates are not linked to the ECB.
PFCU saw there was a demand for mortgages and as a result we entered the market last September.
Our mortgage rates are two-tiered, we can lend up to €200,000 – Mortgages up to €100,000 at 4.5% (4.59APR%), based on €99,000 up to 35 years, and mortgages up to €200,000 at 3.5% (3.56APR%), based on €200,000 up to 35 years.
PFCU does not penalize members if they want to repay their mortgage earlier, we don’t charge Arrangement Fees and interest is charged on a reducing balance.
All our mortgage decisions are made in-house in Portlaoise. We have a dedicated Mortgage Advisor, Nicola Fitzpatrick, who can talk you through the process.
What would be your advice for anyone looking for a mortgage and purchasing a new home?
Before you start looking at properties, do your homework and apply to lenders to get ‘approval in principle’. This means you will know whether you will get mortgage approval and they will give you an idea of the amount you can borrow.
It may also be an advantage to have this when it comes to making an offer on a property as sellers are more likely to accept an offer if they know you have mortgage approval.
We have a PFCU mortgage calculator on our website and this will work out monthly repayments for specific loan terms and mortgage amounts. Another tip is that we advise when lodging your mortgage application, submit all documentation together. This allows for quicker turnaround time.
What other services do you offer business owners and your members?
PFCU is forward-thinking, and over the last five years we have invested and expanded a lot in our products and member services.
In 2019 we launched online loans, since then they have gone from strength to strength. Last year we launched our Current Account with MasterCard Debit Card.
In May 2022, we launched our first Agri loan ‘Cultivate Loan’ lending up to €75,000 unsecured at 6.55% (6.75% APR).
This loan is getting great traction among farmers, particularly around the Athy area as PFCU is the only Credit Union offering the loan in Kildare.
This year we further expanded services with the introduction of ‘Open Banking’. What this means for members is quicker turnaround times as it avoids the time-consuming delays of printing off and ordering bank statements from financial institutions.
What are your favourite things about County Laois?
I am a proud Laois girl, born, reared, and living in the county all my life. I love the freedom of walking out my door into the lush green countryside. Laois has everything for me and my family as it offers great restaurants, walks , cycleways, and summer festivals. Our central Midland’s location also makes it ideal for commuting!
It’s great to see how Laois has developed over the last number of years and is now one of the fastest growing counties.
Businesses also see the potential Laois offers with more multinationals investing and setting up in and around Portlaoise areas.
I think Laois has finally realised our own potential and now we are being taken seriously as a dynamic hub for the Midland’s region.
Visit www.peoplefirstcu.ie to find out more.
Business News
- Millers Home and Garden have announced they are moving premises to the former Condell and Ryan’s building in Kealew Business Park on the old Mountrath Road from September 1st of this year. Millers Home and Garden announces expansion and move to new premises – Laois Today
- Kildare native Paul Beehan appointed as the new General Manager of The Heritage in Laois Kildare native appointed as the new General Manager of The Heritage in Laois – Laois Today
- A number of Laois locations are joining an app designed to tackle food waste – Laois Today – From a business standpoint, the app not only helps businesses to reduce their waste and help the environment, it also turns surplus food into extra income. The app began to work with locations across Kildare in August of 2022 and has been gradually adding locations here in Laois.
Business Supports
- Have you identified energy-efficient technologies and equipment, following a Green for Micro Report, GreenStart Report or SEAI Energy Audit? Talk to Local Enterprise Office Laois about the Energy Efficiency Grant: a maximum grant of €5,000 is available to cover 50% of eligible costs. Find out more: https://bit.ly/LEOEnergyEF
- Discover your pathway to better business through the Department of Enterprise, Trade and Employment’s Skills for Better Business online assessment. Assess management capabilities, identify critical areas to develop, and discover impactful business supports. Learn more: https://skillsforbetterbusiness.gov.ie
- The Enterprise Ireland Innovation Voucher links knowledge providers and SMEs. Worth €5,000, they are available to assist a company or companies to explore a business opportunity or problem with a registered knowledge provider. Find out more here: Innovation Vouchers – Enterprise Ireland (enterprise-ireland.com)
What’s coming up…
- The next Laois Chamber Alliance Networking Event takes place on Thursday, 20th July, from 8.30am to 9.30am in the Maldron Hotel, Portlaoise. This is a great opportunity to meet and network with other Laois businesses and promote your products and services. E-mail caroline@laoischamber.ie to register.
- Laois Chamber Alliance and Chambers Ireland are conducting research to identify how engaged businesses are in the area of health and wellbeing. This roundtable discussion takes place on Monday 10th July from 12pm – 2pm in the Midlands Park Hotel, Portlaoise. Businesses are invited to take part in this discussion and contribute. Please e-mail caroline@laoischamber.ie to register.
- Local Enterprise Office Laois are hosting a Managing your Cashflow webinar on Wednesday, 12th July from 10am to 1pm. Book your place here: T2334 Managing your Cashflow – Local Enterprise Office – Laois Learn what is needed to sustain a rewarding business and understand being proactive in efficient and effective cashflow.
- An EU Just Transition Fund Bioeconomy Demonstration Initiative Scheme information event will be held in The CUBE, 18 Church Street, Portlaoise, on Tuesday, 4th July 2023 from 2pm to 4pm. Registration is essential, book your ticket here: EU JTF – Bioeconomy Demonstration Initiative Scheme – 2nd event Tickets, Tue 4 Jul 2023 at 14:00 | Eventbrite
