A NEW credit union which has opened in Monmouthshire is helping to beat the credit crunch.

Gateway Credit Union has opened its first collection point in Monmouthshire at the Communities First Resource Centre in Abergavenny and will now be visited by Dr Brian Gibbons AM, National Assembly Minister for Social Justice and Local Government on October 16.

A credit union works like a bank by lending money and helping people save but it is a cooperative and is owned by those who use it.

Gateway Union, which was originally set up by church members, already has almost 2000 members in Torfaen.

Simon Davies, Communities First Development Worker, said the organisation welcomes everybody including people who may have difficulty using banks and building societies because they are not homeowners, are not currently working or have a poor credit history.

Gateway Credit Union is being supported by a grant of £14,000 from Monmouthshire County Council’s community and economic development scheme and will start to operate from its new collection point in Abergavenny on Tuesdays between 12pm and 2pm for cash deposits.

For more inforamtion contact Gateway on 01495 750020 or visit www.gatewaycu.co.uk