Acorn Community Bank Celebrates Lending Milestone

12/04/2024

Acorn Community Bank is celebrating its first birthday by passing a milestone in lending, having lent over £2 million to members in this time.

Acorn Community Bank was formed in April 2023 from a merger between Wilshire and Swindon Credit Union, Clivey Credit Union, and Swan Community Bank. Since the merger, membership has risen by over 1,000 which equates to 30 new members a month.

“It has been a fantastic first year for Acorn and none of us can believe it has passed so quickly.” Said Acorn Community Bank Manager, Clive Henly. Clive continued: “In the months leading up to Christmas we saw an increasing demand for loans, though this has recently eased up a little.” and he expects demand for loans to continue despite the recent fall in inflation.

Furthermore, Clive added: “The rise in membership and demand has been consistent in all areas. The cost-of-living issue continues to put pressure on people’s budgets, and we are seeing this when we assess their affordability when they apply for a loan.

“Now that inflation is easing, we are preparing to support our members as they take new steps in their financial journey, perhaps looking to fund home improvements, cars and holidays.”

Source: Insider Media Limited