We are celebrating our 25th birthday this week. To mark the significant date, we look back at our growth and celebrate our achievements.
1999: New beginnings
25 years ago, the Registry of Friendly Societies, the only credit union regulator at the time, registered Money-Go-Round, Bristol Inner City Credit Union Limited as a new credit union. That credit union is what has now become GWCU, the largest credit union in its region. This is where our mission was born, doing good with money to become better off, together.
2006: Building stronger foundations
7 years later, we merged with Bedminster and Knowle Credit Union and Malago Valley Credit Union to form Bristol Credit Union. This merger was strategic in strengthening our financial position and expanding our social footprint, allowing us to widen our reach and support to more communities.
2008: A new base
This year brought an exciting physical presence in the heart of Bristol, a branch on Cheltenham Road. We marked the significant milestone through an official opening by then DWP Minister James Plunkett. This symbolised a new chapter of growth and visibility within the community.
2009: Growing numbers
2009 marked a notable time, when we achieved a milestone of over 5,000 members. This growth reflected the trust and pride the community began to have towards the credit union.
2012: Championing Bristol Pound
The Bristol Pound initiative was founded, and we were the first regulated financial institute to manage these accounts. We supported the initiative, showcasing our dedication to stimulating local economy and championing the importance of community finance.
2014: Supporting the community
We continued our efforts to support the community, especially highlighted in 2014. Our efforts allowed us to help South Bristol Sport Centre to build six all-weather five-a-side football pitches, a vital community resource, opening up access to community for young people. We also supported Bristol Energy Cooperative this year, allowing them to become one of the country’s largest community energy generators.
2018: Providing aid to vulnerable persons
This year was significant, as we supported Bristol City Council with the Vulnerable Persons Resettlement Scheme as part of the nationwide effort to help secure accommodation for refugees (many from Syria). Our aim was to assist them in financial inclusion as well as broader integration, ensuring a smooth transition into the community and empowering them with access to credit.
2019: Introducing Money@Work
Recognising the importance of financial wellbeing in the workplace, we officially launched our employee financial wellbeing scheme, Money@Work in 2019. What originally started as employee partner loans, developed into a programme of its own, now amassing over 40 employer partners, promoting financial health among employees.
2021: Becoming GWCU
We undertook another significant merger in 2021, with Wyvern Savings and Loans. This merger symbolised a wider growth and reach, across the South West, thus branding us as Great Western Credit Union.
2023: First-ever bond offer
Continuing our legacy of growth and innovation, we launched our first ever Bond Offer on the Ethex platform with an initial target of raising £700k, including match-funding from Fair4All Finance. The bond offer closed after exceeding the target and amassing over £1.9m in funds.
Great Western Credit Union's journey is a testament to its unwavering commitment to community empowerment, financial inclusion, and innovative growth. From its humble beginnings to its current status as a leading credit union, it continues to make a significant impact, fostering financial wellbeing and community resilience for years to come.
To support us in our mission, and do good with money, open a savings account today and help provide affordable loans to those who are facing financial exclusion.
