A CREDIT Union, which also sells furniture and other household goods at affordable rates, has opened a new store in Bishop Auckland.

Prince Bishops Community Bank on Finkle Street near the Newgate Centre, has teamed up with Enterprise Durham Partnership (EDP) to offer low interest loans.

The credit union provides savings accounts and affordable loans to its members, encouraging people to regularly save money and avoid pay-day loan companies and loan sharks.

The bank already has a branch in Stanley and has recently received a £35,000 grant from the Monkey Project allowing it to open up its new shop.

The Monkey Project is a Big Lottery-funded partnership of 16 social housing providers and voluntary sector organisations across County Durham.

The new venue was officially opened by the MP for Bishop Auckland, Helen Goodman and town mayor, Lee Brownson who agreed that the bank would be a welcome addition to the town.

Ms Goodman said: “I was delighted to open the new Prince Bishops store in Bishop Auckland. I think this is an excellent development. The goods are really high quality and the prices are affordable.”

Prince Bishops Community Bank chief executive, Lesley Richardson, said: “We hope opening a branch here will encourage people to become regular savers and that by providing affordable loans we can also stop people having to turn to doorstep lenders or loan sharks.”