NEWPORT Credit Union (NCU) has celebrated its recent move to Newport’s Indoor Market with an official launch ceremony.

Dame Rosemary Butler and The Bishop of Monmouth, Rt Revd Richard Pain, attended the launch yesterday, which marked the union's relocation from “cramped offices” in Market Arcade.

The move was facilitated by a £53,000 Welsh Government grant. The credit union is owned by its members and provides lenders with cheaper, safer loans.

A character, called Stewy the Saving Squirrel, also paraded around the market on the day, handing out goody bags and imploring people to, ”get saving”.

NCU chairman Reg Smith addressed the crowd, thanking the “foresight and determination” of the founding members of the Newport North West Credit Union.

“Since opening in 1999 we have advanced loans totalling in excess of £3.5million and will have saved those borrowers in excess of £2.2million,” he said.

“With our new offices the sky’s the limit for the future.”

The chairman also thanked several partners including the Welsh Government, Newport City Council, Welsh Churches, Payroll Partner Schemes and the 50 plus volunteers working at the union alongside paid staff.

Mr Smith said “We provide members with loans that are cheaper than any payday provider or doorstep lender.

“In reaching our decisions about any loan application we consider the member as a person and not just a series of numbers on a computer programme.”

Dame Rosemary Butler added: “I take great pleasure in launching this huge improvement for our Credit Union.

“These improved offices enable them to dramatically increase the numbers using these services.”

For more information on NCU visit: www.newportcreditunion.co.uk.