THE people's bank' has passed a landmark £1 million of loans handed out since its launch.

Officials from the First Dorset Credit Union revealed the figure as the group's annual report was published.

The organisation hailed a successful year of helping people with savings and affordable loans.

President Rosemary Britten also praised the hard work of volunteers who ensure the organisation is able to offer financial support for those who have fallen on hard times.

In the union's annual report she said: "The year of 2007-8 has proved to be another very positive year for First Dorset Credit Union.

"We have expanded our common bond into the Blackmore Vale, so we now cover most of rural Dorset."

Mrs Britten added: "We would not be able to run our service points without our merry band of volunteers.

"And without our customers and our supporters we would not be in business."

She also paid tribute to Magna Housing for its support at the union's service points in Dorchester and Bridport.

The credit union was dubbed the people's bank' after its launch because of its lost interest loans and range of banking service.

The aim was to provide services for everyone as well as helping those who have hit hard times or struggle to gain loans from banks.

Kaye Kerridge, from the credit committee, reported that the last year had been a busy and successful year'.

She said that in August 2007 the union passed the £1 million landmark for the total of the loans it has granted since the union began seven years ago.

Mrs Kerridge also said that by the end of September the total value of loans for the year was £351, 301, compared to £234,384 in the previous year.

These loans included 93 small value loans to those on relatively low incomes.

Mrs Kerridge said: "The introduction of these loans has meant that the credit union is able to help members when an unexpected crisis occurs.

"Over the past 12 months these loans have been given for replacement household items such as cookers and washing machines, funding for essential car repairs to enable members to get to work and the deposit plus rent in advance needed for moving house."

Chairman of the union's Weymouth branch Chris Rose said that publicity funded by Weymouth and Portland Borough Council has helped increase membership and loan activity.

The branch is now looking for more volunteers as it considers expanding its Tuesday information desk'.

For more information on First Dorset Credit Union and how they can help provide savings and affordable loans visit firstdorsetcreditunion.co.uk