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Companies involved in the UK logistics sector currently have to turn to high street banks or other sources to finance their business needs. However, a new initiative, launched by Skills for Logistics (SfL), aims to change that by establishing an industry credit union. According to SHD Logistics, the Logistics Guild Credit Union would be available to both companies and employees willing to voluntarily join the guild.

Among the centrepieces of the initiative are low-cost loans new drivers could use to pay for training and the LGV licence cost. Already licensed drivers could also access loans to pay for CPC training. The low-cost loans would be more affordable thanks to interest rates lower than those offered by high street banks.

The credit union would also make business financing available to member companies. Again, interest rates would be more attractive than traditional high street loans. But more importantly, the not-for-profit guild will be creating a venture operated as a financial cooperative among member companies. As the owners of the credit union, member companies directly benefit through its growth and expansion.

SfL hopes the new credit union will go above and beyond just paying for training and business expenses. For example, they want to be able to offer current accounts and ISAs. SfL essentially wants the credit union to take the place of banks and building societies for all the financial needs of its members.

In order to make the programme a success, the Department of Business Innovation & Skills has committed £1.29 million in funding. Corporate partners have contributed an additional £600,000. If SfL is able to encourage enough member companies to join in the early stages of the guild, there is no reason to believe it will not be successful.

LGV Training with the HGV Training Centre

Earning your LGV licence opens the door to a career with plenty of opportunity, very good pay and a bright and stable future. What’s more, the LGV licence cost is probably not as high as you are expecting when you train with us. The HGV Training centre offers you comprehensive and affordable training that will have you ready to go in just a matter of weeks.

How do we train our students so quickly? We use a fast-paced and intense approach designed to focus your attention on only those skills you will need to successfully pass your tests. We believe this approach is the best way to make sure information is learned and retained. Our 92% first-time pass rate for the PCV theory test is proof that our approach works.

When you train with us, we will be by your side every step of the way. That includes sending one of our trainers with you when it’s time to take your final test at a government-approved facility. Please contact us at the HGV Training Centre if you are ready to begin your career as an LGV driver. We have new classes forming regularly at our facilities throughout the UK.

Sources:

SHD Logistics – http://www.shdlogistics.com/news/view/sfl-backs-credit-union-for-logistics

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