New HQ for alternative financial services group
An organisation set up nine years ago by local people in Weston-super-Mare to help encourage saving and low cost borrowing has been renamed and moved to a new headquarters in Portishead, North Somerset.
Somerset Savings and Loans is the new name of North Somerset Credit Union, which provides local financial services for the community.
The cooperative venture is an alternative to big banks and institutions.
It provides loans from £200 to £5,000 at rates well below those of doorstep lenders, keeping people out of the clutches of loan sharks.
It is now based at Kestrel Court, in Portishead.
Service to Weston-super-Mare members will continue from The Information Station, St Andrew’s Parade on the Bournville Estate.
Paul Marsh, Chairman comments: “More and more people have to rely on payday loans or short-term finance as the realities of the recession bite.
“The credit union is a way for people to break out of that cycle by forming a partnership where they can borrow money over a longer period at reasonable interest rates.
“We have changed the name to better reflect what we do as we are now attracting members across a wider area.”
To new website has also been launched – www.somersetsavingsandloans.org.uk