Credit unions thrive during recession

CREDIT unions are multiplying in north Norfolk as savers shun high-street banks in favour of locally-controlled finance.Trained volunteers are opening new branches based on north Norfolk's area partnerships.

CREDIT unions are multiplying in north Norfolk as savers shun high-street banks in favour of locally-controlled finance.

Trained volunteers are opening new branches based on north Norfolk's area partnerships.

Poppyland Community Bank was formally launched on Monday , operating from Merchant's Place, at 16 Church Street, Cromer.

A Happing branch is flourishing at its base in the schoolroom behind St Mary's Church, Stalham.

Volunteers are waiting to be trained ready to run an Upcher branch in Sheringham, and as soon as enough volunteers have been recruited and trained, a Griffon branch will be launched, serving North Walsham and its 25 surrounding parishes.

'The current financial climate has had a significant impact on our business. Our membership more than doubled in the last financial year and loans trebled. This year we are growing even faster,' said Alan Squirrell, (pictured) president of Norfolk Credit Union Ltd, based in Long Stratton.

Most Read

For more information visit www.norfolkcu.co.uk or phone 01508 533842.