Lewisham + Bromley Credit Union Highlights Life-Changing Community Support

Friday 18 July 2025

Lewisham + Bromley Credit Union has released a new Social Impact Report that showcases the vital role it continues to play in supporting individuals and families across South London. Since its establishment in 1992, the credit union has steadily grown its reach and impact –  now managing more than £15 million in member savings and supporting over 800 local employees through payroll saving schemes.

The report highlights a wide range of initiatives aimed at strengthening financial resilience and reducing hardship among members. One of the most notable is the “Save As You Borrow” (SAYB) loan product, which includes a built-in savings component. Currently, around 1,300 members hold SAYB loans, with a collective borrowing of approximately £925,000 – but crucially, they’ve also built up £290,000 in savings. This dual approach helps ensure that members not only manage short-term financial needs but also build long-term security.

Lewisham Plus has also made a significant impact through its long-running homeless prevention partnership with Lewisham Council and Lewisham Homes. Since 2010, the scheme has helped over 350 families avoid eviction and homelessness by arranging finance to cover rent arrears or deposits. Independent research confirms this approach not only protects vulnerable families but also delivers meaningful cost savings for the council and housing providers.

The credit union’s collaborative model extends into schools and workplaces. With the support of Lewisham Council, Bromley Council, and the Lewisham and Greenwich NHS Trust, Lewisham Plus runs financial education programmes in schools for over 1,200 junior savers and operates payroll savings schemes that collectively support employees in saving more than £200,000 every month.

Member satisfaction also remains strong, with 91% of members reporting that they feel their finances are under control — a 10% increase since the previous survey in 2019, despite the ongoing cost of living crisis.

Ellie Reeves, MP for Lewisham West and East Dulwich, praised the credit union’s achievements: “I am a long-term member of Lewisham Plus Credit Union and I know what an incredible impact they have in South London. In recent years they have given nearly £1 million to help members avoid eviction and they also work in partnership with a number of schools to help over 1,200 junior members learn about saving and finances. They are an invaluable resource serving our community.”

Download the full Social Impact Report here to learn more about Lewisham + Bromley Credit Union’s work and the difference they are making every day.