Diocese backs credit union to the tune of £15k
PUBLISHED: 08:00 23 November 2013
A NORTH Somerset credit union has been given a huge boost by the Diocese of Bath and Wells.
Somerset Savings and Loans, which has its headquarters in Portishead, has been given a cheque for £15,000 to help boost its coffers and therefore its ability to offer affordable loans to people in the district.
The credit union relies on people depositing money in a savings account to then be able to offer loans to others.
Unlike many high street banks, any profits made by a credit union is put back into the operation and also shared between members.
Diocesan secretary Nick Denison said: “Credit unions offer a competitive, ethical alternative to high street lending. They are community based and owned and controlled by their local members.”
The announcement comes after the Archdeacon of Bath, Reverend Andy Piggott, made a recent visit to a Somerset Savings and Loans’ branch office in Weston.
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