The credit union was founded in 2001 and registered in December that same year after volunteers had undergone training in order to run the business.
Those volunteers started out to encourage saving and to offer fair cost loans to the local community.
Today they offer to members children a junior savings account and work with the local Schools to encourage financial education.
The credit union offers a number of loan products such as standard loans savers loans and home owner loans.
Since formation, the organisation has granted over 2,000 loans, often to those who have difficulty in accessing mainstream financial services, and in total has lent over £2.7 million.
The St Albans and District Credit Union, trading as St Albans Community Bank since 2021, currently has 1,600 members and members’ savings have grown to over £1.2 million and celebrated the 20th anniversary held Friday21 of may 2022 at St Paul’s Church. Daisy Cooper MP said: “It was an absolute pleasure to meet the volunteers and founder members of this organisation, which has played an important part in the community for more than 20 years.
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