A COMMUNITY loans and savings scheme has celebrated a successful first year and now has over 70 members signed up to its services.

The Bridport branch of First Dorset Credit Union marked the milestone with birthday cake and a stall in Bucky Doo Square on Saturday.

Branch chairman Syd Willcox said the scheme had gone from strength to strength and was looking forward to the future.

He said: "We have around 70 members now, mainly over 18s but there is also a children's savings scheme. It is a way of pooling resources in a community with everyone putting money in to save and from that we are able to give loans. The average loan is around £500 and interest is reasonable, one per cent on a reducing balance.

"We are really aimed at helping people who might otherwise end up in the hands of financial companies that charge an awful lot of interest if people get behind. We are about loans to tide people over."

The group's volunteers can be found every Wednesday and Saturday at the United Church, from 10am to noon.

Members of the First Dorset Credit Union, of which Bridport is part, are also shareholders and have a say in the running of the company. Anyone over 16 years may join but members cannot apply for a loan until they reach the age of 18. Under 16s are eligible to join the savings scheme.

Organisers have also been celebrating the news that a report in this month's Which?

Magazine encourages readers to consider credit union membership as they offer members "cheap, flexible loans" with "good returns on savings".

Felicity McLaren, manager of the First Dorset Credit Union, said: "We are delighted that such a well respected publication has given credit unions their stamp of approval.

"Our 800 members already know the benefits of credit union membership; we paid a dividend of 1.5 per cent last year, and our members pay no more than one per cent interest on the reducing balance of loans and receive life insurance built in.

"We always welcome new members who can access our services through payroll or standing order, or by visiting our service points in Dorchester, Weymouth, Portland and Bridport."

The credit union is run by trained volunteers, which includes a board of directors, and has a manager whose salary is grant funded. More volunteers are needed.

For details about the First Dorset Credit Union call Felicity McLaren on 01305 257460 or visit the website www.fido-cu.co.uk