A Dorchester-based credit union is going up north as part of its latest expansion.

FiDo - the First Dorset Credit Union has gone from strength to strength since it was launched and now has 750 members and assets of £250,000. Loans to members have topped £400,000.

Now, under the leadership of new president Gill Demuth, FiDo is hoping to expand into Sherborne.

Ms Demuth, who heads up the Portland Centre, took over the reins as president of FiDo at the recent members' AGM.

She said she was delighted with the way the work of the organisation was growing.

She said: "Our next major task is opening in Sherborne. I am pleased to report that there is a good level of enthusiasm among Sherborne town councillors and other civic people.

"A service point in Sherborne will mean that we have operations in all major urban centres in West Dorset and Weymouth and Portland.

"Getting Sherborne off the ground depends upon sufficient volunteers coming forward for training with a commitment to running the service point."

There are already a few FiDo members who live in Sherborne and deal with FiDo by standing order, payroll deduction or by post. Experience shows that once a service point is open, new members join up quite quickly.

Ms Demuth said loans from the credit union still remain one of the cheapest ways to borrow money

"FiDo loans remain the low-cost route for borrowing money. When other loan offers become more expensive as interest rates go higher, FiDo remains faithful to low-cost loans."

FiDo is expanding so quickly it is now looking to acquire premises outside Dorchester for 'back office' work.

"This has only been possible by the expanding membership," said Ms Demuth.

Anyone interested in joining can contact FiDo on 01305 851666, Monday to Friday or visit an existing service point.