Hopes have been expressed of reviving the award-winning Bulwell Credit Union.
The once-thriving resource, which had been based at the Wilkinsons store on Main Street, was shut down last year.
At the time, it was said that there had been a decline in support, prompting its merger with a Credit Union located in Nottingham city centre.
But at a meeting of Bulwell and Bulwell Forest Area Committee, the Chairman, Coun Eunice Campbell said she would like to see Bulwell Credit Union restored, even if it operated on a smaller scale than before.
She said: “It could be a valuable alternative to the risk of needy people falling foul of loan sharks.”
Bulwell Credit Union was first registered in April 1997 to make up for a lack of affordable financial services in the area.
At that time, more than 4.5 million people in Britain did not have a bank account.
At its peak, it had more than 2,500 members.
In 2006, Bulwell Credit Union received the Credit Union of the Year award and the Queen’s Award for Voluntary Service, which recognises excellence in voluntary activities carried out by groups in the community.
Although the credit union closed last year, it was discussed at the area committee because it was reported that Nottingham City Homes is in consultation about withdrawing its cash desk in Bulwell’s Riverside Centre.
It was suggested thatif this happened, a facility would be available to house the Credit Union.
Bulwell MP Graham Allen said: “As a member and supporter of the credit union, I’d be keen to see it have a presence in an area that needs it so much to counter the pay-day lenders.”
Credit unions are member-owned financial co-operatives, democratically controlled by members and operated to provide credit at competitive rates and offer financial services to members.