New Loan Launched to Help Bradford Families at Christmas

Monday 29 January 2024

Funded by the West Yorkshire Mayor ‘Cost of Living Support Fund’, Bradford District Credit Union (BDCU) has launched a new loan product, which is designed to offer financial relief to those in need this Christmas across Bradford, Kirklees, and Craven.

The “Every Little Elf’s” scheme offers a £200 emergency loan especially for low-income families and individuals facing financial challenges including those with poor credit scores. The loan includes a £10 saving starter to allow the member to kick-start a healthy savings habit. Recognising that Christmas puts a strain on family’s finances, the loan was co-produced with Bradford Council’s Anti-Poverty Strategy for those who may have struggled with finances in the past, making sure they do not have to go to loan sharks.

The £120,000 grant allows BDCU to serve members in the way they need it most. The microloan project has gone by other names, starting as the ‘Back to School Loan’ which was highly successful with members. This funding enables the credit union to lend to individuals who may not have been approved otherwise, and with manageable repayments the member builds their credit score to create a stronger financial future.

“The [grant] idea came from responding to the messages heard and seen across local partners and charities” said Katie Hurrell, CEO of Bradford District Credit Union. Katie said that BDCU launched the “Every Little Elfs” loan because the credit union wanted to “respond to those with a helping hand for those that may need it”.

Katie added that the “Every Little Elfs” loan offers “emergency access to some finance to enable those that would otherwise go without, to be able to at least have something” which is at the core of the project’s aims.

Further information about BDCU’s new initiative is available here.