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Rainbow helps find pot of gold

PUBLISHED: 14:23 12 December 2008 | UPDATED: 22:00 05 July 2010

THE Rainbow Saver Anglia Credit Union is going from strength to strength after help from a popular neighbourhood management group.

Last year, Lowestoft Together awarded Rainbow £22,290 for offices and a further £40,791 to set up a pilot debit card.

THE Rainbow Saver Anglia Credit Union is going from strength to strength after help from a popular neighbourhood management group.

Last year, Lowestoft Together awarded Rainbow £22,290 for offices and a further £40,791 to set up a pilot debit card.

And now, after financial support from the local community action group, Rainbow Saver has been boosted by more funding from Suffolk County Council.

The Rainbow Saver Anglia Credit Union Ltd has its head office in London Road South, Lowestoft - and more than two-thirds of its trading is in the county.

The credit union has 919 members in Suffolk, 520 of whom live in Lowestoft and have placed £65,000 in deposits this year. Lowestoft members are currently benefiting from loans amounting to £121,700.

Sally Chicken, volunteer chairman of Rainbow Credit Union, said: “If Lowestoft Together hadn't awarded us the money last year, we wouldn't have been able to develop and move on as we have.”

Rainbow now processes wages, benefits and tax credits for people who cannot have a bank account, and recently started processing local housing allowance for tenants.

Against a backdrop of the current economic downturn and increasingly difficult financial constraints, Rainbow is expected to assume even more importance for people.

It has now been strengthened with a healthy share of £500,000 awarded by the county council.

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