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Surrey Save Credit Union News Release
NEWSRELEASE
October 2008
Beating the credit crunch – new community bank for local savers
Affordable financial services for local people – whatever their circumstances – in Mole Valley, Guildford and Woking could soon become a reality thanks to plans for a new community bank offering an alternative way to save.
The Surrey Save Credit Union is being set up by a special task force comprising of local representatives from Guildford, Mole Valley and Woking Borough Councils, Mole Valley Housing Association, the Co-operative Fund and representatives from the CAB and local voluntary services. The next stage of the project is to appoint a development manager to develop this new community organisation.
Heather Ward, a member of the joint steering group, says, “We have been trying to get this project started in Mole Valley for four years now and are excited that at last, with our colleagues in Guildford and Woking, things are really moving. This is a good time to be launching a credit union. For those able to save, a credit union, which is a not-for-profit organisation, is an ethical and safe way to save. We know that some local people, on the other hand, are in the clutches of home credit companies, loan sharks and money shops that charge a minimum of 183% APR, and the credit union will help them organise their finances better and have access to secure banking services.”
Regulated by the Financial Services Authority (FSA), a credit union is run as a financial, self-help co-operative that is owned and controlled by its members who both save and borrow from it. Any profits that are left over after running costs have been covered are paid to its saving members in the form of a dividend or interest on their savings.
The savings from the Surrey Save Credit Union will provide a pool of funds from which low-cost, flexible loans can be made responsibly.
Cllr David Wright, Chair of the Surrey Save Credit Union Steering Group, says: “Our credit union will offer a competitive, convenient and safe way to save and borrow as an ethical alternative to traditional banking in a number of ways. As well as encouraging saving, it will keep money circulating within the local area, provide advice and support to members and it will have no private shareholders”.
“We are now looking for a development manager to drive the project forward and help establish this flagship scheme,” adds Cllr Wright. “This is an exciting opportunity for someone with the necessary skills and experience to get involved and move the development work on to the next stage.”
For more information on the Surrey Save Credit Union you can visit – www.surreysave.co.uk or email info@surreysave.co.uk
For details on the Development Manager post email Sylvie@wavs.org or call 01483 541 711.
Ends
Notes:
The Financial Services Authority ensures that credit unions are strictly regulated and savers’ money is fully protected under the same regulations as all banks and building societies.
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Leatherhead Connect, 24/10/2008 |
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