Offering an alternative to pay day lenders in the North East
A year ago, Tynedale Community Bank was launched in the North East by the Archbishop of York with strong support from the Church of England. Canon Dagmar Winter, Rector of Hexham, assesses the progress of the bank
Tynedale Community Bank was set up with the aim of offering an alternative to pay day lenders, serving anyone living or working in Northumberland. Based on the local and social ethos of a traditional credit union, the community bank has the ability to offer loans to people before they become members.
We are thrilled to say that we now have more than 100 members, with over £230,000 on deposit and £30,000 in loans already granted, and significant donations received for the further development of the community bank. Not bad for what is essentially a “start-up” social enterprise with limited funds and resources.
The bank was back in the news last week as it took part in the launch of the LifeSavers financial education programme in the North East with children and teachers from local primary schools. A project started by the Church of England, LifeSavers encourages children to save and develop other good financial habits from an early age.
Five schools in the local area are taking part in LifeSavers in partnership with Tynedale Community Bank and more local schools will be joining the programme next year.
Children will be able to save small amounts of money regularly and set themselves savings goals, giving them practical experience of handling their own money. Parents and staff will also be encouraged to join, helping to raise awareness and expand membership of Tynedale Community Bank within the wider community.
None of these achievements over the last year could have happened without a great deal of hard work. Founder Member and Coordinator Lauren Langton, who worked in the banking world, gives Tynedale Community Bank an enormous amount of energy. Hexham Abbey has been involved from the outset and welcomed the community bank with open arms when they needed a base. Lauren rallied a team of volunteers to staff the main information point in Hexham Abbey’s Parish Centre which the church offers rent-free one afternoon a week.
We are working closely with Northumberland County Council and, following a successful bid, are partnering with them to supply basic financial products for the most excluded and access to affordable credit, especially at the point of crisis.
A Volunteer who is an ex-banking colleague of Lauren will be part-paid from these funds to lead and deliver this piece of work.
A partnership with Hexham Job Centre is well established, working with staff and clients. The Job Centre has also agreed use of their office and meeting rooms for loan or other appointments, which is the perfect vehicle to deliver the work agreed with the County Council as outlined above. Cooperation with ISOS, the largest social housing provider in Northumberland, is also due to develop further.
It’s been an exciting and encouraging journey and now, on its first birthday, I look forward to what the coming years have in store.
- Canon Dagmar Winter is Rector of Hexham and a member of the Tynedale Community Bank Steering Group
