MONMOUTH MP David Davies has visited and opened an account with the Gateway Credit Union in Abergavenny, a financial co-operative run by and for local people.
Members who save with the Credit Union create a pool of money which is lent to those who want to borrow. As well as providing low cost loans up to £7,500, Gateway offers a range of savings accounts for adults and children, including Junior Accounts, Christmas Saver and Child Trust Funds.
Mr Davies met with John Richards, Credit Union Manager, and Sara Burch, Monmouthshire Development Worker, to discuss the Union’s plans to become Junior ISA providers and its work in schools to encourage financial responsibility. Afterwards, he opened a savings account and met volunteers Sylvia Miles and Rohan Lewis who staff the Union at Abergavenny One Stop Shop. Gateway relies on over 50 local volunteers to run the service across two counties.
“The Gateway Credit Union keeps local money in the community and it is run by people you know,” said Mr Davies.
“It works like a bank by lending money and helping people save. However, it is a co-operative and is owned by those who use it. Gateway has members of all ages and walks of life and anybody is welcome to join, whether you are in receipt of benefits or have a good job.
“Credit Unions are ethical and offer fair, clear terms to all members. Instead of encouraging people to take out unwise loans, they work with their members to help them out of debt and manage their money.
“In today’s changeable economic times, encouraging saving and financial responsibility is vitally important and I particularly welcome the Union’s work with those who otherwise may not think of opening a savings account”.
Mr Richards added: “We’re very grateful for David’s support and for all the enthusiasm we’ve had from Monmouthshire people since we opened in Abergavenny two and half years ago. People are joining us every day to save for holidays and Christmas or to take advantage of our affordable loans. The financial crises of the last few years have made people think more about where they put their money and people are choosing the local option”.
Gateway is now able to welcome members from anywhere in Monmouthshire. Abergavenny collection points can be found at the Communities First Office at 29 Hillcrest Road, the Acorn Centre at Deri View Primary School on Friday mornings from 9:30am-11:30am (term time only) and the Abergavenny One Stop Shop in Cross Street on Friday mornings from 10am-12 noon. For further information, telephone 01495 750020 or visit www.gatewaycu.co.uk.