A new credit union has been set up to help prevent struggling Sheffield families falling into the clutches on loan sharks.
Residents’ groups and a church joined forces with Sheffield Council to provide safe money management in Gleadless Valley and Arbourthorne.
The newly-formed credit union, part of the Sheffield Credit Union network,will offer a weekly drop-in service to families in some of the city’s most deprived wards at Newfield Green Library.
The union offers low-interest loans and encourages families to save in a bid to deter hard-pressed households from turning to pay-day loan companies and loan sharks.
Volunteers from Holy Cross Church, Gleadless Valley Community Forum, Gleadless Valley Tenants’ and Residents’ Association have received special training to be able to provide the support.
Gleadless Valley Coun Cate McDonald said: “The Government cuts to benefits coupled with the recession have meant people in Gleadless have been really struggling financially.
“This new service will provide a very safe and convenient way for residents to manage their money, as well as providing advice for people in difficulties.
“This has been a real team effort and I’d like to thank the dedicated volunteers who are going to run this service, as well Gleadless Valley TARA, Gleadless Valley Community Forum, the Holy Cross Church and Sheffield Credit Union who have joined forces to make sure this service is provided.”
Drop-in sessions will take place every Friday at the library from 10am until 12noon.
n Email email@example.com, call 0114 27 60787 or visit www.sheffieldcreditunion.com for details on how to join a credit union.