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Credit Unions

HF Credit Union more than just money Hammersmith and Fulham Credit Union  

Plans are now well under way to establish a credit union for everyone who lives and works in Hammersmith & Fulham. 

A credit union is a cooperative financial institution that is privately owned and controlled by its members. Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of it.

The Financial Services Authority (FSA), who regulate all banks, building societies and credit unions has given Hammersmith and Fulham Credit Union the thumbs up after a rigorous application procedure. HFCU hope to open two branches in the borough later in the year offering reasonably priced loans, financial services and a safe, ethical place to save that benefits the local community.

It has attracted funding and support from a range of key partners in the borough, including the Council, who provided £25,000, North Fulham New Deal for Communities, Notting Hill Housing, and the Citizens Advice Bureau.

Cllr Greenhalgh said: "This is excellent news for the borough. The HFCU will mean anyone living or working in Hammersmith & Fulham can access straightforward, affordable financial services from an organisation that is managed locally, and operates on a not-for-profit basis. Credit unions should be strengthened, supported and expanded. In the UK, credit unions provide credit for only 1 per-cent of the population. And yet, there are more than 42,000 credit unions worldwide, with over 160 million members. So this is great news for our residents as Hammersmith & Fulham strives to become a Borough of Opportunity and a step towards getting the loan sharks of our estates." 

Vincent Thomas, Chairperson of HFCU, said: "A lot of people have been working for a long time to get the credit union to this point and I am sure that it will have a great impact for many people throughout the community."

To find out more about the Credit Union and the services it will offer, and to sign the online pledge, please visit www.hfcu.co.uk or contact Eugene Waters, the development officer, at office@hfcu.co.uk.