Councillor Matthew Brown, Mike Barry and Greg Smith from the Preston voluntary, community and faith sector

Members of voluntary and charity groups in Preston have been invited to join a new council-backed credit union.

Guild Money Credit Union was launched on Tuesday and is being road tested with community group before it becomes available to Prestonians in September.

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Up to £150,000 is being ploughed into the scheme by Preston City Council, and the credit union is being operated by the Blackpool, Fylde and Wyre credit union.

Executive member for social justice, inclusion and policy, councillor Matthew Brown, said: “I am pleased to be offering the Voluntary, Community and Faith Sector the chance to join the credit union. Preston Guild Money is taking shape and I am looking forward to completing the process with a full public launch in September.

“Guild Money will help the people in Preston to save in a secure and ethical way. People will even be able to secure affordable loans.”

Chief Executive of Blackpool, Fylde and Wyre credit union, Mike Barry, said: “We are delighted to begin the extension of our Guild Money brand to more people across Preston and look forward to the time when anyone who lives or works in Preston will have access to responsible savings and affordable credit through a successful and growing Credit Union.”

Would you join a credit union? What do you think of the idea? Let us know in the comments below