We have provided
in affordable loans.
End of financial year 2022-23
542 new members
12,594 members in total.
All members save, and
members currently borrow.
is on loan to...
The average loan balance is...
At Financial Year End September 2023.
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
Loans provided from October 2022 to September 2023.
Accessible, affordable credit
As an inclusive lender, we prioritise a holistic approach to underwriting, emphasising the entire financial context above reliance on credit scores, which play a minimal role in our lending decisions. Our main concern is evaluating repayment affordability.
Last year, 80% of our approved loans went to individuals with 'very poor' credit, 6% to those with 'poor' credit, 11% to individuals with 'fair' credit, and 3% to applicants with 'excellent' credit scores.
Assessment of loans approved October 2022 to September 2023 using TransUnion credit score banding data.
1,089 Family Loans were provided, with an average loan size of £1,217. Repayments are made directly from Child Benefit.
327 Family Loans given for Household items or home improvement for things such as appliances, carpeting, and bedroom furniture.
221 members bank with an Engage Current Account, available exclusively from credit unions like Boom.
Key Worker Loans
466 Key Worker Loans given at preferential rates. Average Key Worker Loan size £2,257.
235 Keyworkers repay directly from their pair via their employer through our partnership.
My Money Box
49 employer partnerships make payroll deducted savings available to approximately 90,000 employees.