We have provided

£32,600,000

in affordable loans.

End of financial year 2022-23

Snapshot

£8.46 Million

in members’ savings (shares).

428

Junior Savers under 16 save on average...

£723

542 new members

12,594 members in total.

All members save, and

2,337

members currently borrow.

£5.52 Million

is on loan to...

2,337 members

The average loan balance is...

£2,362

At Financial Year End September 2023.

SOCIAL IMPACT

Pen portraits

A LIFE TRANSFORMED: MONTHLY PAYMENTS REDUCED FROM £672 TO £248

John was well known in his neighbourhood for his friendly greetings and willingness to help others. However, behind his smiles he became deeply worried about his finances. They were out of control! He had credit card debts and other high interest loans totalling £6,500 with some interest rates at 1295% a year. His monthly payments were overwhelming his income and his mental health was suffering.

After being turned away by all the banks in his high street, John decided to approach Boom Community Bank. Following a friendly, non-judgemental but frank chat, Boom did the sums and found that offering John a consolidation loan with a single manageable payment would reduce his monthly outgoings by 63%. John was delighted and relieved. He could at last see a clear way forward. Boom repaid all his creditors directly and finally John got them off his back.

Boom asked John about his future plans and explained the value of a savings plan. After thinking about this, John agreed to begin saving £50 a month. 3 years later, John is debt free and has £1,800 savings. He is at last in control of his money thanks to his Boom membership.

[This is a real case with details changed to protect confidentiality.]

A PROBLEM QUICKLY SOLVED AND A LONG TERM FINANCIAL SOLUTION

Tracy’s car broke down! A mother of two, she relied on her car to get the kids to school and herself to work. She had no savings. What a disaster!

After a long fruitless search for a loan, Tracy turned to her local credit union, Boom Community Bank. In a friendly chat, the lady at Boom quickly assessed her full financial situation and recognised that with a few financial adjustments she could afford a loan that would get her car back on the road. The money came through quickly and so with Boom’s support, Tracy’s daily routine at last returned to normal.

The lady at Boom asked Tracy about her future and what would happen the next time she faced an emergency. Tracy realised that she needed to put a little aside each month to prepare for the next inevitable family problem. She agreed that it was sensible to open her first ever savings account. Membership of Boom had transformed Tracy’s attitude to life. She faced her future more confidently knowing that when the unexpected happens Boom would be there to back her up.

[This is a real case with details changed to protect confidentiality.]

A social investment opportunity

At Boom Community Bank, our focus on making a meaningful impact in the lives of our local community members is fundamental to our mission. We're excited to introduce our latest initiative and invite you to invest, helping us move closer to those aims.

We aim to raise £50,000 by selling deferred shares to boost our capital reserves, ensuring the long-term sustainability and growth of Boom Community Bank. Members can acquire deferred shares ranging from 50 to 500 (£50 to £500) and become essential contributors to our journey.

When you invest in Boom Community Bank, you support our mission and earn dividends as we grow. Together, we can drive positive change and create more financial opportunities for our community.

A word of caution: It's important to understand that purchasing deferred shares carries inherent risks. Each deferred share has a nominal value of £1, and there are limited circumstances in which the sum paid may be repaid. Your entire investment is at risk.

We recognise that this investment opportunity will only be suitable for some. If you have any doubts or concerns, we strongly recommend seeking advice from an independent financial advisor.

Deferred Shares Application

Interest-free loans for individulas facing financial hardship

In response to the challenges posed by the soaring cost of living, Boom has, for the first time, collaborated with Adur and Worthing Councils, Bognor Regis Town Council and Farnham Town Council to introduce a No Interest Loan Scheme for residents in need.

Partners and Accreditations