Tynedale Community Bank launched in November 2015, the result of months of a joint venture from Bishop Prince credit union, Guy Opperman MP, Hexham Abbey and the Diocese of Newcastle.
The Archbishop of York, Dr John Sentamu joined a service of celebration and commitment for the launch of TCB in Hexham Abbey and then joined volunteers outside the Abbey to hand out information and membership forms in Hexham marketplace.
Dr Sentamu spoke about why the church was involved in the initiative to bring community banking to Tynedale:
Whether we like it or not money either enslaves us or helps us to be free. Money used to be a means of exchanging goods but it’s now actually become a product and there are many people caught up or trapped into quite a lot of unsecured debt.
Tynedale Community Bank will help people to do two things: to save and to get loans that are affordable for most people It will also to put the money back into the community . This is a wonderful thing.