WITH the success of the Thame Food Bank, which has handed out 300 food packs in the first few months since its launch, came the awareness among its organisers, the Thame Alliance Group (TAG) that the problem of debt is a part of the lives of some residents in the town.
As an alternative to the somewhat notorious ‘Payday loan’ companies, which can trap borrowers into more and more debt with ever growing interest rates, TAG decided to set up a fair, safe, ethical and affordable alternative. Yesterday, the Mayor of Thame, Peter Lambert, helped launch the Thame Community Bank, at the Town Hall, where the bank will be based.
Information about the Thame Community Bank and how it works can be found HERE and on the website: www.thamecommunity bank.org So, how can local people and businesses get involved?
1. Become an ethical saver yourself
2. Promote the bank to other people and businesses
3. If you run a large business, become a Corporate Member and involve your employees by ‘payroll deduction’
4. Help build the ‘Loan Guarantee Fund’ to help the bank absorb the inevitable but small proportion of ‘bad
loans (around 9%) and for emergency funds for people in crisis
The Thame Community Bank is a branch of The Swan Credit Union, a not-for-profit financial cooperative with members belonging to the Milton Keynes Credit Union and Aylesbury Vale Credit Union.
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