Bognor Regis no interest loans scheme

Delivered in partnership with, and funded by, Bognor Regis Town Council, the scheme supports people living in the five electoral wards of Hatherleigh, Hotham, Marine, Orchard, and Pevensey.

The scheme offers an affordable and accessible credit option for individuals who may struggle to access traditional lending. Designed to support residents on low incomes, the Bognor Regis NILS helps people manage essential costs such as rent deposits, essential furniture, white goods, and upfront nursery fees. Loans can also be used to consolidate high-interest debt into more manageable repayments.

Mark Jasper, Treasurer and CEO of Boom Community Bank, said: “Boom Community Bank has been serving communities across West Sussex, including Bognor Regis, for over a decade. The current economic climate remains one of the most challenging we have seen for a generation. Many low-income households face a poverty premium when accessing credit, often paying far more for small loans. This scheme continues to provide a vital alternative, helping residents avoid predatory lenders while keeping more money in local pockets and the local economy.”

He added: “We are pleased to continue working in partnership with Bognor Regis Town Council to deliver this scheme, tackling financial inequality and providing practical support for residents who need it most.”

Residents of Bognor Regis can apply for the NILS regardless of whether they are members of Boom Community Bank, subject to eligibility criteria. Applicants must not have an existing loan balance with Boom Community Bank. Loans range from £300 to £2,000, with flexible repayment terms of one to three years, tailored to individual financial circumstances.

For more information and visit boomcb.org.uk