Mayor performs opening ceromony at Rugby Credit Union

The Mayor cuts the ribbon, watched by Chairman Laurie Bird	Some of our staff and volunteers at 11 Little Church Street. L to R: Michael Underdown, Janice Johnson, Sue Chambers, Laurie Bird, Helen Williams, The Mayor Cllr Don Williams, Pauline Masterman (office manager), Michelle Trotter, Sue Berridge.

The Mayor of Rugby, Cllr. Don Williams, was guest of honour as Rugby Credit Union celebrated both six years of trading and the opening of its new office in Little Church Street. What began as a Rugby CVS project leading to FSA registration in 2004, the recent move from CVS House to new premises represents a significant stage in the credit union's development.

Chairman Laurie Bird explained that the credit union has so far provided loans totalling one third of a million pounds to the people of Rugby, comprising mostly of small loans up to £500. Loans are only made possible by members' savings and despite the recession these have continued to increase. He emphasised that credit unions offer loans at low interest rates, typically one tenth of the rates charged by doorstep lenders.

Described as a not-for-profit savings and loans co-operative, the credit union relies heavily on volunteers and has built links with the community, having established school banks, a green loan scheme in partnership with Rugby Council and is working on new initiatives with local housing associations. The chairman emphasised that its aim was to help as many people as possible to become financially included, but future success was dependant on continued growth in membership, committed volunteers and support through external funding.