Bradford District Credit Union (BDCU) is celebrating after reaching the £5m lending milestone – while growing member savings to £6.5m and maintaining ‘100% growth’ over the last three years.
The credit union, based at City Hall Bradford, has over 9,000 members and is the first recognised community development credit union (CDCU) in the UK.
CEO Katie Hurrell told Telegraph & Argus: “Reaching £5m in lending and 100% growth over the last three years is a huge milestone for BDCU, representing thousands of individual stories and showing what’s possible when a community works together to support one another financially.
“Every loan we approve represents someone taking a positive step… I’d like to thank our members for choosing to save and borrow with us, our staff for the care and commitment they show every day, and our partners for championing fair, affordable finance across the district.”
BCDU offers a range of financial services to Bradford district residents, including ‘fair loans’, savings accounts, and financial advice as a lower-cost alternative to high-street banks. It estimates that its members have managed to avoid around £3.74m in high-interest charges by choosing to borrow from BCDU.
Founded by Bradford Council in 1993, BCDU continues to work closely with the local authority. The council’s Health and Wellbeing department funds BCDU’s financial inclusion officer, who helps BCDU to provide financial literacy training to customers. The officer also acts as a liaison between BCDU and the council, who collaborate on local projects such as FoodSavers, a “healthy alternative” to foodbanks which allows residents to pay a membership fee that combines a large bag of shopping with regular deposits into a savings account.
The CDCU initiative – launched in October 2024 after a pilot scheme by the Association of British Credit Unions – takes inspiration from the US Inclusiv network. The model takes a mission of serving low and moderate-income people and communities, and specialising in serving populations with limited access to safe financial services.
Image of Bradford City Hall: Linda Spashett, Storye book/Wiki CC
