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Location of Middlesbrough's Community Bank unveiled

Middlesbrough's Community Bank, offering a “real alternative” as a low cost lender, has been unveiled by Mayor Dave Budd.
 
The bank, which will look, feel and work like any other high street operator, will be called the South Tees Community Bank and is based at the A66 end of Linthorpe Road near other financial institutions.
 
However, as a crucial difference the Community Bank will also be open to those in financial hardship who may otherwise be turned away from the major high street names.
 
The Community Bank aims to allow local people to save and borrow without falling prey to high-interest ‘payday lenders’ and loan sharks and has been made possible with grant funding totalling £465,000 from the SSI Task Force, and a further £50,000 from Middlesbrough Council.
 
The pioneering Community Bank is a key strand of elected Mayor Dave Budd’s 2025 Vision for a Fairer, Safer and Stronger Middlesbrough.
 
Mr Budd, himself a former high street bank manager, made a Community Bank a key strand of his 2025 Vision for a Fairer, Safer, Stronger Middlesbrough.
 
He said: “It’s great to see Middlesbrough’s Community Bank taking shape and we have a great location among all of other high street financial institutions.
 
“Loan sharks and high cost lenders can have a devastating effect on hard pressed local communities and that’s why establishing a Community Bank to offer a real alternative was central to our ambition to build a fairer, safer, stronger Middlesbrough.”
 
Symon Agnew, Moneywise CEO, said: “Moneywise Credit Union are delighted to have been chosen to work with Middlesbrough Council and Redcar & Cleveland in delivering a sustainable credit union in each area delivering real alternatives to high cost lenders and offer alternatives to those people who cannot access high street banks and are financially excluded as well as everybody else who wishes to save and borrow.
 
“We are open to all members of the community and as we are owned by our members we are an ethical source of lending for people needing to borrow money; our affordable loans and our services can be accessed through our website around the clock.”
 
•    Members of the public can sign up with the South Tees Community Bank at www.moneywise.org.uk.