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Forecast
return
Great Western Credit Union provide ethical, affordable & fair loans and saving products giving families struggling with the cost of living crisis, an accessible, regulated and caring finance alternative, promoting financial well-being.
Investments in the total bond offer will be matched £ for £ by social investment from Fair4All Finance, up to a total of £1m.
12th October 2023
2nd October 2023
29th September 2023
After passing the £1.6m threshold, we are now over 80% of the way towards our final target of £2m.
By raising this money, we will be able to support thousands more people across the region and continue providing services that benefit the local economy and community.
Share the news with your friends and colleagues to help us reach more people.
The Great Western Credit Union team
18th September 2023
14th September 2023
Following the recent reopening of our Bond Offer at the beginning of September, we have now surpassed £1.5m - all thanks to your support!
This means we’ve only got £500,000 left to raise until we reach our final target - which would help thousands more people build and sustain their financial resilience.
Help us spread the word by sharing the news on your networks and with your friends and colleagues.
The Great Western Credit Union team
5th September 2023
The first phase of the Bond Offer
was very successful, exceeding the initial target by 76% (£704k invested vs. the initial target of £400k). The Fair4All £ for £ matching gives GWCU £1.4m to invest in key initiatives.
However, with consumer demand for
fair and affordable borrowing greater than ever – and with Fair4All Finance
offering to match the investment raised up to £2m (£1m invested plus £1m of
matching), GWCU has decided that to re-open the bond offer with the aim of
maximizing the raise.
This would mean that it could
reach many more new members and would potentially be able to deliver its growth
initiatives sooner than expected, leading to more social impact as a result –
an exciting prospect for GWCU and its investors.
The amount already raised (circa £1.4m) in the first bond offer period has been reflected as co-investment on the offer page.
Great Western Credit Union
Society no. 597C
Bristol, UK
Incorporation date: 15 July 1999
Improve the quality of life for families and individuals, through access to fair and affordable finance to make vital purchases.
Help break the cycle of debt for low-income households and provide education on financial well-being.
Give people at home and in the workplace the chance to save and borrow in ways that make the entire community better off.
Earn a potential return. Your investment will target a return of 6.5% and is eligible to be held within an IFISA*
Across the UK, families and individuals are struggling with the cost-of-living crisis and many cannot access affordable credit when needed to fund necessary purchases. GWCU provides an accessible, affordable and caring alternative to payday loans or loan sharks for their membership of over 18,000 people, helping them develop healthier money habits and break the cycle of debt. They currently take care of £10 million+ of members’ savings and £8.6 million+ of loan balances. They offer:
Every pound invested in GWCU’s bond offer will be matched by Fair4All Finance, up to £1m (£703,801 of this has been used in the first part of the offer which leaves £296,199 of match funding left), so the impact of your investment will be effectively doubled! Here's what your money will do:
Our Directors have an extensive background in finance and decades of experience working in the sector, with a passion for giving back to the community.
https://greatwesterncu.org/
Chair
Lewis joined the Board in 2016. He has over 20 years’ experience in financial services, primarily at Lloyds Banking Group working across all their consumer distribution channels. He left in 2009 to establish a small luxury travel business with his partner. Lewis returned to banking, joining fintech Atom Bank to head their customer experience function prior to launch. He is currently back at Lloyds to help develop their digital channel capability for business customers.
Secretary
Peter joined the Board in 2021, and until October 2022 was the lead lawyer for the Environment Agency on a range of corporate governance issues where he led a diverse full service in-house legal team. Peter was a trustee then chair of the UK Environmental Law Association until 2011; and a trustee and then chair of St. Werburghs City Farm in Bristol until September 2018. He has also contributed to a wide range of publications about the environment.
Director
Jonquil is Chair of the Audit Committee. She brings 25 years’ experience from Lloyds Banking Group, in Retail, Commercial and Operations functions, and her qualification as a Certified Accountant to her role as a Director.
Director
Denis brings experience from having held several voluntary non-executive roles, including as Chair of school governors, supporting a technology start-up, and on the board of St. Paul’s Carnival - where they won Best Event in the 2019 Bristol Life Awards. Denis works for multinational companies helping to deliver digital and IT transformation projects.
Director
Sara has worked as a Senior Research Fellow at the Personal Finance Research Centre, at the University of Bristol since 2009. Her research focuses on understanding financial policy and products from the perspective of the consumer.
Director
Simon is an experienced board Trustee and Director, having worked with many different organisations including churches, schools, the Redcliffe Children’s Centre, and Derbyshire Community Bank. Simon is Director of Ministry Development for the Bristol Diocese, previously Canon Chancellor of Derby Cathedral, and Priest in Charge at St. Mary Redcliffe.
CEO
James began his involvement with credit unions in Bristol as a volunteer Director whilst still working for the Bank of Ireland (UK) as Senior Market Analyst, UK. His previous retail banking experience included operational and ICT roles with Barclays Bank and a number of marketing roles with both Barclays and Bank of Ireland. He combined a number of smaller credit unions into the new Bristol Credit Union in 2006 and has provided leadership for the organisation since then. He continues to deliver strong growth in membership, savings and lending as well as leading the organisational, technological and people changes necessary in responding to members’ changing needs and the growing requirements of a scale-up, whilst maintaining a constancy of vision and purpose.
Head of Change & Operational Strategy
Karen is a qualified accountant and has had a successful career of over 20 years in Banking as a Finance and Business leader. She supported GWCU to deliver its digital transformation in 2020 with excellent financial expertise coupled with strong communication and change management skills, all underpinned by an operational, and commercial understanding.
Head of Marketing (interim)
Harry is an experienced senior marketing professional and leader, with over 30 years spent in financial services across banking, credit union and insurance sectors. He is a Fellow of the Chartered Institute of Marketing. Harry spent 9 years on the Board of what was then Bristol Credit Union, seven of which he was Chair. He is currently responsible for GWCU’s growth initiatives, delivered through marketing, member communication & engagement and our employer partner proposition for employees, Money@ Work. He is also Chair of the Board of Brighter Places, a social housing provider.
Head of Finance
Henry is GWCU’s Head of Finance and joined us in 2017. He is responsible for performance analysis, forecasting and reporting. His data interrogation and modelling underpin our financial plans and new product development. He’s a qualified accountant who previously worked for Second Step, the Bristol mental health charity. Prior to that, he had 20 years’ experience as a maths teacher and senior manager in further education colleges.
Operations Manager
Keith has 20 years’ experience working in credit unions, both in the United States and the United Kingdom. He was originally the Lending Manager for GWCU, transitioned to the Member Support Manager role and is now Operations Manager, overseeing the day-to-day functions across GWCU for Lending, Member Support and Member Services. His broad experience gives him insight not only into the internal functions and employee experiences, but also the member experience. He is people-focussed and strives for the best outcome for employees and members alike.
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GWCU expect to pay an interest rate of 6.5% per annum that will accrue from the closing date of the offer.
The Bonds are transferable which means technically they can be sold to a willing buyer. However, the Bonds will not be listed on a formal exchange, and there is no guarantee that you will be able to find a buyer nor the price they might be willing to pay. You should expect to hold the Bonds for the 8 year term.
Applicants must be 18 years old or more. Investments cannot be made on behalf of children.
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