The plans for Rutland’s community bank are moving forward and the service should be up and running by the end of April.
Rutland Consortium is undertaking the final preparations for Rutland Money, a service that will offer savings accounts and loans to all county residents.
At a consortium meeting on Monday, members agreed a deal with credit union partner Thorne Credit Union, which will help with the launch of Rutland Money and support it. The service has a view to being independent within two years.
Rutland Money also has eight volunteers on board who will offer help and advice for those looking to save or borrow with Rutland Money.
Savers should be able to join by the end of April and members hope to be able to offer loans by the end of June.
The consortium, which is made up of voluntary sector groups, is now looking to complete the legal process and set up a website.
Consortium secretary Ron Simpson said: “Rutland Money will offer a better alternative to pay-day loan companies for those looking to borrow money quickly.
“It will be an attractive service for all sections of the Rutland community.”
“We’re very pleased with the progress we’re making and that we have a good team of volunteers and a credit union partner.
“The service will be able to offer attractive savings, low-interest loans and it will be a real benefit for people in Rutland.”
Uppingham School pupil Tom Stroude won the consortium’s school competition which was launched to find a logo design.