East Preston Parish Council Partners with Boom

East Preston Parish Council Moves To Strengthen Local Financial Resilience

In a significant move to enhance community financial well-being, East Preston Parish Council has partnered with Boom Community Bank, joining as a corporate member and making a deposit of £36,000. The funds are safeguarded by the Financial Services Compensation Scheme (FSCS) and have the potential to earn dividends.

The collaboration between East Preston Parish Council and Boom Community Bank exemplifies how local entities can come together to bolster the community's financial strength. This partnership is all about giving residents a helping hand to manage their money more smartly. With easier access to affordable loans and encouragement to save, it paves the way for the community to adopt savvy saving and spending practices.

Chairman of the Council, Cllr Steve Toney, said, "This council is very happy to be joining other local councils in working with Boom Community Bank. We know the bank is already working with some East Preston residents and hope our liaison will enable it to work with more East Preston households in tackling debt and saving responsibly."

Graham Mayes of Boom Community Bank welcomes the council’s support, saying, "It's great to see East Preston Parish Council investing in their community's financial health. With Boom, the council's money is fully protected and kept local for it to have a positive local impact. This support allows us to raise local awareness of Boom and support more East Preston residents with inclusive and affordable financial services, particularly at this critical time.  He adds, “With Boom Community Bank, residents have more options in fair financial services, including affordable loans and ethical savings.”

East Preston Parish Council becomes a valuable addition to the expanding community of corporate members at Boom. This diverse community comprises churches, charities, socially conscious local businesses, as well as several councils and local authorities. These entities have made the deliberate choice to deposit funds in Boom, safeguarding the ongoing provision of services that consistently meet the diverse needs of their surrounding communities.

For information on financial services and support, visit https://boomcb.org.uk, and explore 'Money Focus' for financial tips and free budgeting tools at www.boomcb.org.uk/money-focus