Berkshire

Reading Credit Union expands across Berkshire

Reading credit union sign
Image caption The credit union name will be changed as part of the expansion

A Berkshire credit union designed to help people avoid loan sharks and high interest rates has been given the go-ahead to expand across the county.

The Reading service, which has been offering "ethical" loans and savings since 2007, is operated as a community cooperative bank with no shareholders.

It will become Berkshire's first credit union after a successful application to the Financial Services Authority (FSA).

Volunteers are being sought to help set up local services.

As part of the expansion, the credit union name will be replaced with Berkshire Community Savings and Loans.

David Screen, chief executive of the service, said: "I am delighted with the news from the FSA, they have clearly recognised that we are a strong and growing local enterprise and wish to support our growth.

"We will be looking for volunteers across Berkshire to help set up our local services during August and September."

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