Members can save as little or as much as they want

Objective One has invested �48,700 towards a �97,200 project to set up the scheme for the Caradon area of south east Cornwall, which opened its doors on Friday.

Credit unions are not-for-profit organisations run by and for their members.

Members can save as little or as much as they want and after 13 weeks become eligible for a loan that is equal to twice their savings.

The volunteers have put so much work in over the years Hilary Warren, Seccure President

The investment will help meet the project's revenue costs for the first three years.

It will include the provision of a part-time administrator.

The South East Cornwall Credit Union Implementation - Seccure - will be situated in Liskeard's Dean Street.

It will be open for business from 1000 to 1230 from Monday to Thursday.

The work to set up a credit union in Caradon has been ongoing for the past four years.

"We could not have achieved this success without the support of the investors and all the other organisations, including other Cornish credit unions and Caradon Citizens Advice Bureau," said Hilary Warren, President of Seccure.

"Most of all, nothing would have been achieved without the volunteers who have put so much work in over the years."