Page last updated at 13:01 GMT, Thursday, 4 March 2010

Slump prompts credit union move for people of Kent

Credit Union launch
People were able to join the credit union at Thursday's launch

A credit union has been set up in Kent to help people struggling financially during the economic downturn.

Kent Savers, based at The Old Town Hall in Gravesend, will help people on low incomes avoid having to go to a loan shark for cash.

The non-profit making body will offer loans and savings accounts to local people, chief officer John Fowler said.

Kent County Council (KCC) has helped set up the credit union with a £250,000 grant.

KCC said Kent Savers would provide services to the 1.6m people across Kent, making it one of the largest credit unions in the UK.

Mr Fowler said: "We have a responsibility to focus on people living in deprived areas where the benefits of the credit union can be most pronounced."

Credit unions are owned by their members and are regulated by the Financial Services Authority.


People at the credit union launch were enthusiastic

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