Hammersmith & Fulham council are supporting a new credit union for local residents and workers, in a bid to open new saving and borrowing opportunities as the credit crunch makes traditional banking services less accessible to many.
The council has backed the Union with £25,000, other supporters include North Fulham New Deal for Communities plus housing associations Notting Hill Housing Southern Housing and Guinness Trust.
Stephen Greenhalgh, Leader of the Council said the opening of the union was “really is great news for our residents as Hammersmith & Fulham strives to become a Borough of Opportunity and a step towards getting the loan sharks off our estates. The establishment of H&F Credit Union can help alleviate many of the current economic difficulties and can help people make the most of their lives.”
Unlike high street banks, credit unions pay a share of any profits to their users. According to official figures only 1 per-cent of the population currently use their credit services.
Vincent Thomas, Chairperson of H&F Credit Union, said: “I am absolutely delighted that H&F Credit Union is now open. A lot of People have been working for a long time to get the credit union to this point and I am sure that it will have a great impact for many people throughout the community.”