A Scottish property management company has launched a loan scheme for staff to help provide interest free access to funds.
Newton Property Management has created a six-figure employee benevolent fund to provide financial support to help those hit by Covid-19 related financial difficulties.
Joint managing director Derek MacDonald said: “We know workers whose families have been impacted by the pandemic, so 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.”
The scheme capped loans at no more than two times the employee’s monthly salary.
“However, it’s not just for people suffering any financial knock-on effects of the pandemic," explained MacDonald.
“Some of our staff, like lots of people in our society, aren’t regular savers - this scheme will allow colleagues to access funds which they can pay back over a set period of time interest free.”
Lewis Littlejohn, an employee of Newton Property Management, is using the scheme to help pay towards a kitchen as he is about to get married and start a family.
"I am 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,” he commented.
Newton Property Management was formed in 2001, and current manages factoring for more than 25,000 properties across Scotland.
The firm has offices in Glasgow, Aberdeen and Inverness.
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