16 March 2022
Expanding Welsh credit union launches new office.
Cambrian Savings & Loans has opened its new office at The Hub in Holywell to accommodate its 4,000 members in the county northwales.
Cambrian Savings & Loans has opened a new Flintshire office as it expands its physical presence across North Wales and Powys.
The base at The Kim Inspire Hub in Holywell aims to bring the credit union's services closer to its 4,000 members in the county.
Cambrian Savings & Loans also plans to expand further by opening other hubs in Flintshire as well as Anglesey, Gwynedd, Conwy, Denbighshire, Wrexham and Powys during the coming months.
The Hub in Holywell joins the credit union's new Creating Enterprise hub at Llandudno train station, where a team is available offering support services.
Ann Francis, general manager of Cambrian Savings & Loans, said: “We are delighted to be opening in Holywell, bringing services closer to our existing members in the county and welcoming more people to Cambrian.
“It’s vital that people in Flintshire have access to affordable credit and ethical savings, so we are actively seeking to open new offices in the county over the course of the year, and have to thank Hannah Blythyn MS, Jack Sargeant MS, Flintshire Council and Welsh Government for their support in helping us with that goal.”
Credit unions, such as Cambrian Savings & Loans, are member-owned financial co-operatives with no external shareholders. They are run for their members - the people who save and borrow with them.
Holywell is part of a chain of offices across North Wales for Cambrian, which has 14,000 members with combined savings of £7.7 million.
The credit union has reported a significant growth in members from Flintshire during the past two years, with many people signing up for loans and saving online through its website, cambriancu.com.
Most services offered online are also available in the recently launched branch, where members can meet the Cambrian team face to face.
As a not-for-profit, member-owned financial cooperative, Cambrian uses the money on deposit to lend to members and has issued 3,200 loans in the past year, with a significant proportion of that being spent locally.
Ann added: “Our members report that 72 per cent of the money we lend to them stays in the local community.
“That means that expanding our services in Flintshire will also benefit local businesses and the wider community, and that is positive news for the economy.”
Cambrian Savings & Loans makes its lending decisions with the best interest of the member, and offer loans from £50 to £15,000 – with an APR (Annual Percentage Rate) from 5.9 per cent up to the highest 42.6 per cent - meaning the higher the loan value, the lower the APR.
During its last financial year (October 1, 2020 – September 1, 2021) Cambrian issued more than 3,200 loans to its members, moved to a new high street location in Rhyl and welcomed more than 1,700 new members.
The launch of the new office at The Hub in Holywell means Cambrian Savings & Loans can offer its members the most efficient and updated service it can offer, as well as making its service as accessible as possible.
Hannah Blythyn MS for Delyn, who was instrumental in helping set up the new Holywell office, said: “It was great to visit the newly opened Cambrian Credit Union branch here in Holywell and to hear about the services on offer to the thousands of members here in Flintshire.
“I know how much members rely on and trust their credit unions to save and borrow money in a safe, responsible way. Now more than ever, that level of engagement and trust is needed.
“I’ve always given my support to credit unions – both locally and in government – and look forward to working with Cambrian Credit Union in the months and years ahead.
Cambrian’s Holywell office will be open every Monday, Tuesday, Thursday and Friday between 10am and 1pm.