Bognor Regis No Interest Loans Scheme (NILS)

New support for Bognor Regis Residents

Boom Community Bank is set to launch its second No Interest Loan Scheme (NILS), now extending support to Bognor Regis.

In partnership with and funded by Bognor Regis Town Council, this new scheme will provide vital financial support to residents living in the five electoral wards of Hatherleigh, Hotham, Marine, Orchard, and Pevensey.

The primary aim of the scheme is to offer essential financial assistance to individuals facing challenges in accessing credit by providing them with an accessible and affordable credit option. The Bognor Regis NILS is specially designed to assist individuals with low incomes, offering a lifeline to overcome immediate financial obstacles such as rent deposits, essential furniture purchases, white goods, and upfront nursery fees. Moreover, NILS loans can help consolidate high-interest debts into manageable repayments.

Mark Jasper, Treasurer and CEO of Boom Community Bank, emphasised the importance of this collaboration “Boom Community Bank has been serving communities in West Sussex, including Bognor Regis for over a decade. The current economic climate is undoubtedly the most challenging we have seen for a generation. It is recognised that a poverty premium exists for many low-income individuals and families accessing credit today. We all see lenders charging large sums for small loans and borrowers ending up paying several times the amount they’ve borrowed, just for the same type of finance many households take for granted. This scheme is a lifeline for those facing financial concerns and is an important element in helping residents steer away from predatory lenders. The scheme puts more money back into our local economy and into the residents’ pocket”.

He added, “That’s why we’re excited to be working in partnership with Bognor Regis Town Council to deliver this excellent scheme, addressing financial inequality and delivering on the ground for residents who need help”.

Residents of Bognor Regis can apply for NILS regardless of their current membership status with Boom Community Bank. However, certain eligibility criteria apply, including ineligibility for individuals with existing loan balances with Boom Community Bank. Loans offered through the scheme range from £300 to £2,000 and feature flexible repayment terms spanning one to three years, tailored to suit the borrower's financial circumstances.

For more information and to apply, please visit https://boomcb.org.uk/loans/bognor-regis-nils.