Credit Unions have been in existence for over 150 years. They started in France and Germany to provide co-operative credit for small businesses and rural communities in the wake of the industrial revolution. They spread to Canada, the USA, the Caribbean, Ireland and the rest of the world, now operating in at least 85 countries. Credit Unions have over 100 million members worldwide, with assets of more than £300 billion.
The Robert Owen (Newtown) Credit Union Limited (RONCUL) was formed in 1994 (constituted in 1995), the first rurally based Credit Union in the UK. Membership was resticted to those living and working in the geographical area (the "Common Bond") shown in the map below.
In 2000 RONCUL elected to re-register its Common Bond to encompass the whole of Montgomeryshire and to change its name to the Robert Owen Montgomeryshire Credit Union Limited (ROMCUL). It now has collection points not only in Newtown but also in Llanidloes, Machynlleth, Oldford and Welshpool. Membership is open to anyone living or working in Montgomeryshire.