South Lakeland has now got its own credit union.
Last year, a study group for the area submitted an application to the Prudential Regulation Authority for approval.
Until now, it had been the only district in Cumbria that didn't have one.
Stuart Pate - Chair of the Credit Union, said: "We are delighted that the government have approved the setting up of a Credit Union here.
"This is a local bank, guaranteed like any other by the Treasury, where people can save and borrow in the knowledge that it’s locally owned and controlled by its members.
"We’ve been very fortunate to receive support from many local organisations (especially Cumbria CC, South Lakes Housing and South Lakeland DC) and pledges to save from over 1000 individuals in the area.
"As we plan for our launch we are keen to hear from anyone interested in helping as a volunteer, or in joining as a member.
"The Credit Union will have a small office at Bridge Mills - courtesy of South Lakes Housing, and aims initially to be accessible through the web, and community centres in Kendal later this year.
"We are also looking at the options for pop-up shops in the first few months of operation so that we can encourage as many local people as possible to join us."