Community bank opens for business in Cleobury Mortimer
A community has come together to help launch a not-for-profit bank service for people and organisations in a town in Shropshire.
FAIRshare community bank has opened a service point in Cleobury Mortimer, offering loans of up to £7,500 for individuals and £15,000 to community groups and businesses and giving savers the chance to invest in the community.
The service point will be open for business in the town from 10am to 12.30pm every Friday at Cleobury Country Centre, and is being run in partnership St Mary's Church and local schools.
FAIRshare Credit Union is a not-for-profit "community bank" for anyone who lives, works or studies in Shropshire.
The service was launched by Reverend Ashley Buck, rector of the Benefice of Cleobury Mortimer, who read a message from The Right Reverend Alistair Magowan, Bishop of Ludlow.
The Bishop said: "The Archbishop of Canterbury has in recent months highlighted the good and important role of credit unions. Many people need to borrow money from time to time. Credit is a necessity, however crippling debt from high interest short term loans is not.
"I wish therefore to express my very best wishes and support for the new branch of the FAIRshare Credit Union in Cleobury Mortimer.
"For a credit union to work well it needs good local support so please think carefully about supporting this worthwhile and local initiative."
Cleobury Mortimer will be the ninth town which FAIRshare visits around the county each week.
John Harrower, FAIRshare's general manager, said: "We are very excited to be opening a new FAIRshare service point in Cleobury Mortimer. The triumvirate support we have been given by Cleobury Country, the local schools and St Mary's Church demonstrates a high level of community awareness of the benefits of having credit union services available locally.
"This particular delivery model, working individually and collectively with each element of the community will, ultimately, bring greater benefits to the area as a whole. We will also be aiming to replicate this community-led, three-pronged approach across other similar communities within Shropshire."
FAIRshare has main branches at Telford and Shrewsbury, and weekly service points in Bridgnorth, Cleobury Mortimer, Craven Arms, Ludlow, Market Drayton, Oswestry, Shifnal, Wem and Whitchurch. Visit www.fairshare.uk.com
