Ref. 13785/2A SAVINGS co-operative that provides a social and financial dividend was launched on Tuesday.
West Wiltshire Credit Union has received a licence from the Financial Services Authority and will begin business at the end of the month.
Melksham mayor Terri Welch was enrolled as the first honorary member at the grand opening at the Rachel Fowler Centre.
President Sam Selman said: "We provide a community pool of money and the opportunity of financial security for people with nowhere else to go a legitimate alternative to loan sharks.
"The credit union works as a social dividend as well as financial one.
"Now we just need people to join up and we can help them build a credit history."
People who have low income or small savings can join the co-operative and apply for loans after five weeks.
The main collection point will be at Melksham United Church and the credit union begins business on August 1.
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