The founder of a mortgage brokerage has led a project to launch a new credit union in Stoke-on-Trent.
The Potters Bank was launched yesterday, designed to combat illegal lending and provide safe, affordable financial services to city residents.
The initiative was born from a conversation between James Adams, founder of Newcastle-under-Lyme-based My Simple Mortgage, and Stoke-on-Trent City Council.
Their shared concern over the closure of high street banks and Post Office branches – and the rise of payday lenders and loan sharks – sparked a plan to bring community banking back to Stoke.
The Potters Bank offers residents a secure place to save and access low-cost loans.
The city has been without a credit union for nearly two decades and the city council has said the need for ethical financial alternatives has grown significantly during that time.
James said: “We wanted a financial solution for the people of Stoke, provided by the people of Stoke.”
The Potters Bank will be operated by not-for-profit organisation Just Credit Union.
Chief Officer Karen Farrow said: “We operate in a similar way to a bank, but we’re owned by our members and run for their benefit. We offer access to low-cost, affordable loans and a safe home for savings.”
Councillor Sarah Hill, cabinet member for finance, anti-poverty and corporate services at Stoke-on-Trent City Council, said: “This is great news for the city because it is all about providing low-cost, safe loans and helping people avoid the trap of dangerous debt.
“It’s also about helping those people who most need support and sits alongside the wide-ranging help we provide to combat the cost-of-living crisis through campaigns such as Help is at Hand.”
