New project launches in Grimsby to help with the cost of living crisis
A credit union will open up at Grimsby central library
With the cost of living impacting everyone's spending a new service is launching in Grimsby to help people struggling with finances.
Hull and East Yorkshire Credit union is a community bank in the Humber region and is now launching in North East Lincolnshire backed by North East Lincolnshire council.
It can help with borrowing and saving.
John Smith, HEY Credit Union’s Chief Executive, commented: “As a not-for-profit co-operative, owned by and run for the benefit of local people, our whole purpose is to support the community’s financial well-being not to make money out of them. "
"By providing affordable lines of credit, coupled with safe easy ways to put money aside for rainy days, we can help people to weather the financial storm, avoid predatory lenders and become better off.”
Founded in 1999 by a group of keen volunteers, HEY Credit Union now operates across the Humber Region with over 15,000 adult members and junior savers.
It has grown to become one of the leading community banks in Britain, and last year was voted UK Treating Customers Fairly Champions at the Consumer Credit Awards.
However, it has only had a walk-in presence in Grimsby since February this year.
As well as Grimsby Library, the team run outreach sessions at the Community Shop, Nunsthorpe, on Tuesdays, West Marsh Community Centre on Wednesdays, and Freeman Street Market on Fridays.
Local membership has already grown to 370, with accumulated savings of ÂŁ126,000 and loans issued over ÂŁ200,000.
Many members have opened Christmas Saver accounts to lock money safely aside for the festive season and regular savers are starting to earn ÂŁ25 bonuses, an opening offer funded by the England-wide Stop Loan Sharks Team as part of their community support.
HEY Credit Union also has a workplace savings scheme that local employers can offer their staff to save direct from their wages.
Research shows this to be the best way to develop a regular savings habit, helping people to build resilience against financial shocks.