This is Haslemere met with Haslemere residents – Mark and Amanda Jasper – two of the team behind Boom Community Bank.

Boom Community Bank is a not-for-profit credit union. It operates under the registered name of West Sussex and Surrey Credit Union Limited.

Mark is Boom’s CEO and his wife, Amanda, supports the team with marketing. Mark says he is driven by the quantifiable changes that they are able to make to people’s lives. Boom has 12,000 members in Surrey, Hampshire and Berkshire. They currently support 20 members in Haslemere. Amanda told This is Haslemere:

“Haslemere is a challenging place to live if you have no money because it costs a lot to live here. We have smaller supermarkets which don’t have the discounts at the till ithat you see in larger cities. Food prices, mortgages, utilities, rent….everything is getting more expensive.”

Affordable Finance

Boom offers affordable finance to individuals who might be vulnerable to loan sharks, pay day lenders with their extortionate interest rates or simply have been declined by the mainstream banks as lending criteria have tightened. Boom has affordable borrowing solution to everyone in our community and is keen to help as many people as possible improve their long term financial position.

The BBC’s Money Box ran a feature on credit unions earlier this year. Presenter Paul Lewis introduced the piece saying:

“People in debt often find that their debt just grows because of the high rates of interest they're paying. Credit unions are trying to solve that by giving an affordable loan to people in debt at a lower rate of interest so that each month they can pay the interest and reduce the debt too. The scheme is aimed at people who have several different expensive debts from overdrafts, credit cards, catalogue debt, even pay day loans. They can all be consolidated into one single loan repaid over a longer period with a lower payment.”

Customers’ Best Interests

Mr Jasper explained that they take the time to get to know their customers, working closely with them to find the best way forward. This often involves debt consolidation, but can also include support for home improvements or the replacement of essential household items like white goods. By building a relationship with customers in an atmosphere of mutual respect, Boom is committed to working in its applicants’ best interests. It is not profit driven and wants to deliver sustainable and long-term improvement in individual finances.

The Money Box feature gave the example of Joseph who got a consolidation loan from Boom Community Bank after taking on debt that he couldn't repay. At 18, he had a £250 overdraft. From that he had different credit card debt and loans racking up debts of between £15K to £20K. He buried his head in the sand. Joseph was given a consolidation loan from Boom Community Bank for more than £9K to be repaid over 5 years at a lower rate of interest. It cut his monthly payments from £1,250 to £300 per month. Joseph stated: 

“I feel a lot freer. The main thing is, I was hiding away from any call that would come through. I didn’t know who it would be. … A friend would ‘phone me up for a coffee and I’d have to make up an excuse….poor excuses. You lose friendships through it.”

Through managing his debt and budgeting, Joe now has money for small treats with his daughter and, for example, he has money for petrol at the end of the month.

Financial Education

Boom works with its customers to help them provision for unexpected bills, such as a car repair or appliance replacement.

Develop A Savings’ Culture

Mark emphasised that Boom sets aside a small amount for a saving pot for its customers from the repayments of the loan. In some cases, this could be the first time that the individual has ever had savings. This is available for the member at the end of the loan period, or it can be used to pay off the loan early without penalty.

Credit Unions reach Parliament

Clive Jones, MP for Wokingham, raised the matter of credit unions in parliament in July 2025 and his comments in Hansard are recorded as follows:

"In my constituency of Wokingham, we are lucky to be able to call upon the services of Boom Community Bank. When I was leader of the local council, we began a relationship with Boom. It provides non-profit finance and banking services to more than 12,000 members, not only across Berkshire but across west Sussex, Surrey, parts of Oxfordshire, Hampshire, London and Buckinghamshire. It is not traditional high street banking. For many of its 12,000 members, Boom provides a lifeline service. Credit unions certainly provide loans if people need one and a place to store savings safely, but their real value does not come from offering those financial basics. It comes from the continuous support that is on offer.

Members of credit unions are often in more vulnerable positions than the average high street banking customer. That could mean that they are simply more financially vulnerable and consequently unable to access more traditional forms of credit. However, it can also mean they are vulnerable in other ways. For example, they might, for whatever reason, struggle to navigate technical language and complex arrays of products, or need extra help to create the structure in their lives that allows them to put money away regularly for a rainy day. Access to a friendly face who is on their side, and not looking to make a profit from them but willing to talk about their needs and goals, is invaluable for such people. Frankly, it is the kind of community support that we are sadly losing in our society as it becomes more distant from us as individuals over time. The people I have described cannot afford to lose the service of a credit union.

One case study on Boom’s website refers to a man who was experiencing a debt crisis, with some of his loans imposing an eye-watering 1,295% annual interest burden. I am not sure how we as a society are supposed to read that as anything other than a profound failure. How did we ever allow that kind of exploitation to happen? The man that Boom refers to as John, although that is not his real name of course, could not refinance his debt on the traditional market; he was simply too high-risk. However, the credit union sector was there to help. John’s monthly costs were more than halved and within three years he was debt-free.

It is hard to imagine a version of John’s story that ends well without the support of a credit union and without its willingness to identify a person in genuine need, and to offer help, support and security. Traditional finance viewed John first as a target for high-profit, personally crushing credit and then as a risk—someone to be avoided, in case he could not swim in the choppy waters that it had stirred up for him. Instead, the credit union sector viewed him as a person. I do not know John, but I am certain that that was more valuable to him than just the money on offer.”

Interested and want to get involved?

Opening a credit union account is a meaningful way to support your local community and help fellow residents. By joining, you help keep money circulating locally and provide the lending capital needed to fund ethical loans for those who are struggling or financially vulnerable. Your savings are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000. At the same time, you’re contributing to wider access to basic bank accounts, budgeting support, and financial education—all of which help build financial resilience within our community.

Boom Community Bank is regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

Boom website https://www.boomcb.org.uk/