A new branch of the Lincolnshire Credit Union has been set up in the extension of the Renew affordable furniture shop in Louth.
The branch will operate in the new office extension, which was funded through grants from Louth Town Council and East Lindsey District Councillor Michael Preen, at the shop in Queen Street.
The community bank already operates at the Trinity Centre in Eastgate on Wednesday mornings (10am-12pm), but it was decided that an additional weekly session at a more central location in Louth was desirable.
The Credit Union sessions at Renew will take place on Friday mornings, also running from 10am until 12pm.
Greg Gilbert, a Community Outreach Manager for the Team Parish of Louth, said: “This is a community bank which will allow people to make deposits and savings, and in that sense it is similar to a regular bank.
“But the Credit Union will allow people to take out affordable loans with low interest rates, and it will be able to help people who have been sidelined from the banking system due to the high costs involved.
“The Credit Union is also able to help provide budgeting advice to our members.”
Mr Gilbert added: “I would like to thank the Town Council for supporting the Credit Union, and for the support of Reverend Nick Brown who leads the Team Parish of Louth.
“I would also like to thank Mark Egan, who runs Renew, as he is very supportive of the Credit Union. He sees a lot of people struggling through his work.”
The scheme aims to provide an alternative to extortionate payday lenders, and has already attracted around 200 members at the Trinity Centre, which began operating in 2011.
It costs just £5 to become a member of the Credit Union, and the more you save, the more you are able to borrow.
The Credit Union takes no account of past credit history, and instead will focus on customers’ current ability to pay back loans.
The Credit Union is seeking more volunteers to help man the desks. Email email@example.com if you are interested in getting involved.