With Britain still in the grip of a crippling economic downturn, Perth and Kinross could be about to witness the establishment of its first credit union.
Hundreds of residents have apparently already signed up for the collaboration, believing it will provide a “safety net” to protect against the worst ravages of recession.
The union which requires a minimum of 700 members will be wholly owned and controlled by its members with any profit being returned by way of a dividend on savings.
A spokesman said early expressions of support for it had been significant.
“These are uncertain times and it is really promising to see that the people of Perth and Kinross want to come together to create a community money service,” he said.
“Perth and Kinross’s first ‘live and work’ credit union will make local residents and employees better off.
“It will promote regular saving and offer low-cost loans from pooled savings when they are needed.”
The spokesman insisted the union would offer residents a far better option than high-interest loan companies.
“It gives every member a safety net from unexpected bills,” he continued. “The union also provides a convenient way to budget or plan for large expenses.
“Meanwhile, the whole community benefits as money moves freely around the local economy.”
The spokesman went on, “To succeed, 700 community members are needed to express an interest in joining the new credit union.
“Over half of this target has already been reached, showing strong support for the idea.”
A pledge can be made by visiting www.pkcu.org.uk.
Alternatively call credit union development worker Mairi MacGregor on 01738 450599.
“Making a pledge does not oblige you to join when the new service opens, but if you choose to save even a pound a week, it will help the service to succeed in making local people better off,” the spokesman added.