Community bank moves into Prudhoe
TYNEDALE’S newest banking institution has branched out into Prudhoe.
Tynedale Community Bank, which aims to provide a community-focused alternative to big banks, has opened in the Spetchells Centre on Front Street.
Co-founder Lauren Langton was at the opening ceremony, sponsored by Newcastle law firm Muckle, on Friday.
She said: “We have created a fully regulated bank – as safe as the high street banks – that can provide both savings and loans. It can also help people avoid going to payday lenders. Getting a loan from a responsible lender on good terms is not as easy as the advertising by the big banks would lead you to believe.
“People lose their jobs, marriages break up and others find themselves in difficult circumstances, often through no fault of their own.
“Small-scale lending might not make us a lot of money, but we don’t want people to get into a never-ending circle of debt through credit cards and payday loans.
“We believe that by attracting long-term savers who can help us to make local loans, the whole community can benefit.”
MP for Hexham, and co-founder of Tynedale Community Bank, Guy Opperman said: “In life, our friends define us – and this bank defines who we are in Tynedale.”
The Prudhoe branch will be run by volunteers every Tuesday between noon and 3pm.