Credit union helps communities affected by loan sharks
THE Kernow Credit Union (KCU) is the county's best response to extortionate loan sharks, said St Ives MP Andrew George.
Mr George was speaking at the recent opening of a Penzance branch of the KCU at The Giving Shop at Wharfside Shopping Centre.
In addition to the standard savings and loan accounts, KCU also offers junior savers' accounts for under-16s.
Mr George, who was instrumental in setting up the Cornwall Credit Union Development Project in 1996, said: "I was privileged to become a member of the Penwith Credit Union in July 1999 and subsequently a member of Cornwall Community Banking. Credit unions are 'not-for-profit' companies and can make a strong contribution to communities badly affected by extortionate loan sharks, expensive credit and pay day lenders. I look forward to maintaining this link by becoming a member of Kernow Credit Union."
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KCU secretary Jon Hayworth added: "Kernow Credit Union is pleased to be opening a service point in Penzance because it was in Penzance in 1999 that the first community-based credit union in Cornwall opened its doors for business."