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City's 'people's bank' is now branching out
New offices to help the fight against loan sharks by Peter Lazenby A BANK doing battle with loan-sharks who financially cripple thousands of families is going on to the Leeds high street.
The "PEOPLE'S bank" which is owned by its members is to open 10 new offices in Leeds.
Already doing business with thousands, it aims to offer a viable interest alternative to financially troubled families in the city.
Leeds City Credit Union is a not-for-profit organisation used by more than 15,000 people in the city for low interest loans, and for savings.
Backed by Leeds City Council, it is modelled on credit unions which are popular in Ireland, the United States and Canada, and which have millions of members.
One of the aims of credit unions is to undermine loan sharks who exploit people in poorer communities with huge interest rates.
But they are also provide an alternative to high street banks.
With no shareholders or highly-paid directors, credit unions are able to offer loans at low rates of interest.
Leeds City Credit Union also offers bill paying services, insurance, and money advice.
Leeds City Credit Union was launched 18 years ago. Originally it was open only to employees of Leeds City Council, but today it is open to anyone who lives or works in Leeds.
It is based in offices at Westminster Buildings, near Leeds Kirkgate market is now opening 10 branch offices.
The first is in Morley, which was formally opened by Leeds City Council leader Andrew Carter.
Aims
Others will open over the next three years, including offices in south Seacroft and Armley next month.
Coun Carter said: "One of the main aims of the council and its partners, over the next five years, is to narrow the gap between the prosperous and less prosperous areas of our city.
"Credit Unions are an excellent way of giving everyone equal access to credit whilst still offering financial protection and guidance, and also working for the benefit of local people. I am delighted to be able to open this Leeds City Credit Union branch in Morley and look forward to seeing more across the city."
Sue Davenport, chief executive of Leeds City Credit Union, said: "Leeds City Credit Union is about local people investing in something local.
"If people invest their hard-earned money in the Credit Union, those savings can then be used for the benefit of the community – they not only get an excellent return on those savings but know that their money is being used to the benefit of the local community.
"With a Credit Union your savings are safe, they get a great return and it's used to the benefit of the community – you can't lose."
The Credit Union treats everyone equally, regardless of financial circumstances. Everyone who saves with the Union owns the company, which is worth 20 million a year. All its profits are invested ethically and within the city of Leeds.
The new Morley branch was set up with financial help from Morley Town Council and Leeds City Council's Leeds South Area Committee.
peter.lazenby@ypn.co.uk
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