ISLE OF MAN, U.K.––The newly formed Manx Credit Union has officially opened to serve residents of this island.
The credit union has opened an office on North Quay in the town of Douglas, and begins operations with more than 100 members already on board at the time of the ribbon cutting.
Efforts to form Manx Credit Union began in 2013, and numerous organizational hurdles had to be overcome before gaining the approval of regulator, the Financial Services Authority.
MCU, which is being run by volunteers, initially is offering several savings programs. It is offering loans of between £50 and £500, and is also working to help members who have outstanding payday loans.