Derbyshire Community Bank lends £10m
10 Apr 17
Derbyshire Community Bank is celebrating the milestone of lending £10 million to local people.
The credit union was founded in 2006 to encourage saving and to offer fair cost loans to the local community. It has grown steadily to now serve around 3,000 members, and the £10 million of loans it has made over the last decade has saved local people significant amounts in interest payments they would otherwise have made to access similar loans from commercial lenders.
The loan which took the credit union past the £10 million milestone was made to Pete from Amber Valley, who came to the credit union for a loan to help cover the cost of moving to his new home. Derbyshire Community Bank Chief Executive Sara Dinsdale presented Pete with a bottle of prosecco to celebrate the credit union’s landmark achievement (pictured).
Sara said: “To reach £10 million of loans granted is a significant milestone in the development of the credit union and shows that there continues to be both a need and demand for the services that a credit union can offer to the local community.”
The credit union was established in 2006 in Ilkeston, and having previously mainly operated in Amber Valley, Erewash and the Derbyshire Dales, it has adopted the new name of Derbyshire Community Bank and now serves anyone who lives or works in the county.
It recently moved into its new main office in the city of Derby’s busy Cathedral Quarter where it hopes to build on the growth already achieved from its work in the surrounding districts and boroughs. The credit union also runs a popular collection point in Ilkeston.