What is it?
As high street banks step back from the local, credit unions and community development finance institutions enable those without access to mainstream finance to save and take out loans
Who’s doing it?
Preston Council: Setting up a new credit union
Credit unions and community development finance institutions (CDFIs) are gradually expanding in Preston’s economy to help those not served by mainstream banking institutions. Preston council has established a new city wide credit union Guild Money that had over 150 members join in a short period of time. This adds to existing local provision including Lancashire Moneyline, a credit union in Moor Nook, and a number of workplace unions which are helping to build a culture of democracy and financial inclusion.
- More info here.
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