Green Party

Norwich wins praise for efforts to fight the recession

The vital role in which credit unions in Norwich are playing to help people through the recession has been highlighted on the national stage.

With people finding it increasingly difficult to persuade banks to provide them with loans, credit unions are saving people from falling prey to loan sharks.

Credit Unions are savings and loans co-operatives which have no shareholders or big-bonus executives to take a share of profits and Norwich already has four of them, including one for city council workers.

Adrian Ramsay, leader of Norwich City Council's Green party and deputy leader of the national party sang the praises of the city's credit unions, building societies and ethical banks at his party's National Spring Conference in Blackpool.

Mr Ramsay, who will be taking on Charles Clarke for the Norwich South seat at the next General Election, said: “More and more people in Norwich and elsewhere are turning to local credit unions and to ethical savings schemes for small loans and safe investments.

“This is really good news for the local economy, local people and for the environment and human rights. Local credit unions and mutual building societies are doing much better than the risk-taking global banks that have played roulette with the global finance system.

“We're very lucky in Norwich to have so many thriving examples of ethical shops and businesses. Credit unions and ethical investment funds are supporting many of these local businesses at a time when high street banks are refusing loans.

“The Green Party is calling for government action to promote ethical investment and mutual savings schemes, and to put people and community - not risk-taking and large bonuses - back at the heart of banking.”

One person who has benefited from the Norwich Community Co-Op Credit Union is Fazar Ataie, who set up a company called Revision Tuition, which matches private tutors with students, a couple of years ago.

She said: “I saw a poster for the credit union saying they offered small loans at very favourable rates. I wanted to set up a small business and was only taking baby steps so I did not want a big loan.

“We were helped out by BizFizz as well and our loan of a couple of hundred pounds, payable back over the longer term, was really helpful.

“We have also been able to go to the credit union for advice and you get to know them as people.”

Richard Bearman, of the Norwich Community Co-Op Credit Union, said the organisation could help stop people falling foul of loan sharks and said the service, which is based in Exchange Street and opens on Tuesdays, had seen a rising number of enquiries from people worried about getting into unmanageable debt. The telephone number is 01603 764904.

Do you have a business story? Call Evening News reporter Dan Grimmer on 01603 772375 or email dan.grimmer@archant.co.uk