Dame Rosie Winterton officially opened the new branch at the Colonnades in Doncaster yesterday.
For almost a decade South Yorkshire Credit Union (SYCU) has had a branch and presence in the town – and now they have re-located to a new office that is more central and easier for the public to access.
The new flagship shop in the Colonnades will bring together financial services in a modern setting.
Dame Rosie said: “I support credit unions as they provide a vital service to local people in their communities, giving loans at an affordable rate, and also give the opportunity to regularly save.”
She added: “A credit union offers an alternative to the high street banks and to other high interest lenders, including loan sharks who prey on vulnerable people in difficult circumstances.
“I am very pleased therefore to have been invited to open the new South Yorkshire Credit Union’s office in the Colonnades, and would encourage residents to visit the shop and find out about how they might become a member and access the financial services on offer.”
The money that the South Yorkshire Credit Union holds in savings and current accounts is lent out to other members who need to borrow money at an affordable rate.
Credit unions are community organisations run by and for their members on a ‘not for profit’ basis and are regulated by the Prudential Regulatory Authority and the Financial Conduct Authority.