News / Member news
Great Western Credit Union smashes bond offer target in just five weeks
Great Western Credit Union (GWCU) has announced that it has smashed through its initial bond offer target of raising £800,000 – in just over five weeks.
The largest credit union in the South West is now aiming even higher by setting a stretch goal of £2m, inclusive of Fair4All Finance pound-for-pound match funding up to £1m.
More than 140 investors have invested in the bonds, in the hopes of making purpose-driven finance more accessible.
The raise, supported via the Ethex investment platform, sees a forecasted 6.5 per cent fixed interest rate return, with investments starting from £250, though any capital invested is at risk
Investment in the bonds allows GWCU to expand their membership and their employer partnership scheme, Money@Work.
James Berry, CEO of GWCU, said: “The success of this Bond Offer shows the appetite for ethical, affordable and alternative finance, with investments coming from across the UK, not just from our immediate communities. And we now have an amazing opportunity to go further than our initial target.
“Every pound invested will help the credit union to grow and better serve members in our communities, which helps create a society that works for all.”
Great Western Credit Union has set a new goal of £2m for its bond offer target, after smashing its original goal of £800,000 in just five weeks – photo: Jon Craig
GWCU helps build community wealth, which directly benefits the local economy, creating a positive social impact for the most vulnerable in society.
The credit union has previously secured backing from Bristol City Council, the Joseph Rowntree Foundation and Fair4All Finance, who invested £500,000 in 2022 to expand its provision and build a growth strategy.
Holly Piper, investment director at Fair4All Finance, added: “The response to Great Western Credit Union’s Bond Offer has been incredible and it’s great that they are aiming even higher with their new target.
“We’re pleased to be able to provide pound for pound match funding up to £1m to support this innovative way of raising funds through wider investment.
“And we look forward to seeing the difference that the team will be able to make as they grow the availability of affordable financial solutions further in the southwest region, helping those that need it most.”
Main photo: Jon Craig
Read next:
- Great Western Credit Union joins the Better Business Network
- Great Western Credit Union launches bond offer
- Keep your next big step a little closer to home with Great Western Credit Union
Listen to the latest Bristol24/7 Behind the Headlines podcast:
Our top newsletters emailed directly to you
