Abergavenny Town Council Investing Locally
Abergavenny Town Council has joined Gateway Credit Union as a Corporate Member and invested £20,000.
Unlike the banks, Credit Unions are owned by the members and are based on the understanding that everyone should get a fair deal, whether well off or struggling financially. Credit Unions exist to serve their members and their community and to offer products and services unavailable elsewhere.
Gateway Credit Union shares an office in Abergavenny with the Citizens Advice Bureau on Cross Street and offers both savings accounts and loans from £50 to £10,000. More information is available on their website http://www.gatewaycu.co.uk/index.php
The Mayor of Abergavenny Councillor Tony Konieczny said “By supporting Gateway Credit Union, we know that the money we are investing will be put to good use and help other Credit Union members who apply for a loan. This is an excellent way for the Town Council to make its money work in the local community”
Brian Pippen, Chair of Gateway Credit Union said “We are delighted that Abergavenny Town Council is investing with us. Gateway Credit Union relies on members savings to be able to give loans; we don't borrow on the money markets so the money invested by the Town Council can be used to make loans to other members.”
The Town Council’s investment is protected and guaranteed by the Financial Services Compensation Scheme.