Since then the Credit Union has offered people a friendly way to save and borrow. They offer a service for local people and over the years have allowed local people to save and borrow at an affordable rate.
The Newry of the time was a very different place to the city know today.
Many local people were unable to obtain finance from banks and so had no alternative but to use the money lenders and pawn shops who were operating in the town at the time. This resulted in them becoming trapped into a cycle of debt that they couldn’t get out of.
The Credit Union was formed in response to this. A number of people living and working in the town at the time had heard of the Credit Union movement across Ireland.
With Newry’s backdrop of social deprivation and unemployment they thought that establishing a Credit Union would help people to gain financial independence and out of the grasp of the moneylenders.
So, Newry Credit Union first opened its doors in June 1963 in two leased rooms in Merchants Quay and on the first night there was £21 in savings.
They have had a number of homes since those days and eventually in 2000 moved to their current premises .
The premises may have changed but the aim to provide the people of Newry with financial services at fair rate of interest has remained constant.
What they had created has stood the test of time and a debt of gratitude is owed to those founder members for the benefits enjoyed today.
As a member of the Irish League they are very active in the Schools within the Common Bond, who participate in many Credit Union events, including the annual Art Competition and CU Schools quiz.
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