GWCU closes Bond offer after raising over £1.9m in investments!
Great Western Credit Union (GWCU), the biggest credit union in the South West, has announced that it has closed its successful Bond Offer, which aimed to help tens of thousands more people access affordable, fair and ethical credit across South West England over the next decade. The credit union raised a total of over £1.9m from over 300 investors and received UK wide support, demonstrating the growing need for its services during the cost of living crisis. The total value was also made possible thanks to Fair4All Finance, who matched investments pound-for-pound up to £1m.
Hosted on the Ethex platform, the Bond Offer initially ran very successfully between April and July 2023 but reopened in September as GWCU looked to support even more people across the region. Investors will receive a target return of 6.5% throughout the eight years of the Bond, however, any money invested is at risk.
Money raised during the Bond Offer will support the credit union’s growth over the coming years, allowing it to increase membership and services to more people in the region. This includes the expansion of the digital platform, which aims to incorporate video chat and potentially other face-to-face services, as well as an increased focus on Money@Work, allowing partner employers to offer their employees services directly through their payroll to help promote positive financial wellbeing in the workplace.
James Berry, CEO of Great Western Credit Union, said:
The success of this Bond Offer shows the increased appetite for alternative finance during these difficult times. For almost 25 years, we have continued to support the region with community banking to help make a difference for our local people, businesses and economies. With this funding, we will be able to further grow our services to ensure that everyone in our region can access them as and when they need it.”
Holly Piper, Investment Director at Fair4All Finance, said:
With 17.5m people in financially vulnerable circumstances across the UK, access to fair and affordable financial services is more important than ever. We are supportive of all the vital services that Great Western Credit Union provides across the South West region, and with this investment they’ll be able to expand access to affordable loans and other much needed services. We invested in Great Western Credit Union last year to support their growth and are thrilled with the success of this Bond Offer that enables them to support even more customers that need it.”