SurreySave Credit Union

2001 saw efforts to launch a credit union in Surrey. Well, the project is alive and kicking thanks to some intrepid volunteers. We have raised £120K start-up funding and gained the support of Guildford, Mole Valley, Waverley and Woking Borough Councils, some Housing Associations and many voluntary groups. Professional consultants have helped us produce a Prospectus, a Pledge Form and a Business Plan and we are on track to register with the Financial Services Authority next year.

What is a credit union? It is an ethical financial cooperative in the mutual banking tradition of the old Building Societies. It is owned and controlled by its members who save and borrow from it and elect its volunteer Board. Credit Unions are world wide with 177million members of 49,000 credit unions in 96 countries (550 in the UK) collectively owning assets of £1.8 trillion.

Why does Surrey need one? Well, credit agency data shows 250,000 Surrey people in potential financial distress. Of UK towns with the highest credit card debt 1 in 3 are in Surrey. 30,000 Surrey households have no savings, no insurance and no access to affordable credit. Child poverty affects 1 in 10 Surrey households. We may appear affluent but our lovely county has many pockets of deprivation and under the surface the credit crunch is hurting.

How can SurreySave help? We will help all income groups. At the bottom end, we will help families get away from the clutches of the door-step lender, the pawnbroker and the cheque casher. For the struggling young professional, we will offer consolidation loans. For the retired saver, we will offer a safe and ethical investment with a competitive interest rate, 100% covered by the Financial Services Compensation Scheme.  SurreySave is a local solution to a local problem.

Can you help? Most definitely!  Why not find out more by looking at our website at www.surreysave.co.uk, read our Prospectus and our Frequently Asked Questions. If you are interested, you can fill out a Pledge Form on line. This is not a commitment but an expression of interest in our services when we open for business in 2010. Please spread the word among your family and friends. We have 250 pledges so far, halfway to our FSA target.

Cllr David Wright. Guildford Borough Council.