SurreySave credit union 'becoming reality'

A credit union planned for Surrey looks set to become a reality, organisers have said.

Work to set up the SurreySave credit union to help people across the county began seven years ago.

Volunteers have now been promised enough funding for the project to apply to the Financial Services Authority (FSA) to register it as a business.

Credit unions are small-scale savings and loan co-operatives that typically serve people on low incomes.

Chairman of the executive committee and Guildford borough councillor David Wright said: "After seven years of hard work and negotiations with partners from local councils, housing associations and local trusts we at last have enough promised funding and support to apply for an FSA licence.

"SurreySave will make a major difference to the domestic budgets of many Surrey households, and offer an ethical and safe home for their savings."

Volunteers from across Guildford, Mole Valley, Waverley and Woking have set up the credit union, but work is continuing to extend its coverage.

FSA registration is expected early in 2011 and SurreySave plans to open for business by next summer.