A community bank has reported a boom in members over the past year while approving new loans totalling more than £3 million at much lower rates than the likes of payday lenders.
Wave Community Bank, formerly known as East Sussex Credit Union, said that it was “celebrating a year of significant growth”.
It said that its record-breaking figures highlighted “the increasing demand for fair, ethical financial services across the communities it serves”.
Having started in Brighton more than a quarter of a century ago, the community bank now serves more than 15,000 members in Brighton and Hove, East Sussex and Kent.
It also works with dozens of employers to manage savings as well as loan repayments through payroll deductions.
Wave said: “Over the past 12 months, the not-for-profit, member-owned credit union has welcomed 1,588 new members, reflecting a growing number of people seeking a more supportive and affordable way to manage their money.
“During the same period, Wave Community Bank issued £3.44 million in new loans, helping individuals and families access fair credit and avoid high-cost lenders.
“Of this, over £1 million was provided to members through payroll repayment, making borrowing simpler and more manageable through deductions directly from wages.
“The organisation’s total loan book has now reached a record £5.55 million – a milestone that underlines both its growth and its ongoing commitment to supporting financial wellbeing.
“Alongside lending, Wave Community Bank has continued to expand its Workplace Savings Scheme, now partnering with 42 employers.
“The scheme enables employees to save regularly and access affordable loans, all through their payroll, helping to reduce financial stress and build long-term resilience.
“As a not-for-profit organisation, Wave Community Bank reinvests every pound saved by its members back into the community through affordable loans.
“This model ensures that money stays local, supporting others and strengthening the financial wellbeing of communities as a whole.
“The past year’s growth demonstrates not only the increasing need for ethical financial alternatives but also the positive impact they can have.
“By providing accessible, affordable financial services, Wave Community Bank is helping more people take control of their finances and plan confidently for the future.
“This continued progress is shared by its members and partners, showing that a community-focused approach to finance can deliver meaningful and lasting change.”
Earlier this year, the deputy leader of Brighton and Hove City Council, Jacob Taylor, signed up as a member.
As the council’s lead cabinet member for finance, he oversees an annual budget of more than £1 billion but, he said, “it would be impossible to overestimate the value of Wave Community Bank which helps hundreds of people in our community with their savings and borrowings and their own big decisions.”
And before the last general election, a leading politician Rachel Reeves visited Wave at its offices at Hove Town Hall.
She was Shadow Chancellor at the time – and has since become Chancellor – and visited with Hove and Portslade MP Peter Kyle to discuss the effects of the “cost of living crisis”.
For more information including how to join, click here.
