Alexis Lazarou, CEO

Greenwich & Bexley Credit Union (GBCU) is a local not for profit financial co-operative, owned by its members and founded on principles of mutual co-operation and trust.   

How is Greenwich and Bexley Credit Union making a difference to people, communities and the wider economy?  

GBCU celebrates 25 years of incorporation this year and over this time has grown to more than 11,000 members. Its purpose is to help people borrow and save in an affordable way and it typically makes small loans of £2-3000 to its members to help them with the purchase of essentials. It also operates savings schemes to help people to save for outgoings like Christmas and holidays that otherwise they would struggle to prepare for. This helps our members to avoid the pitfalls of loan sharks and keeps more people out of unaffordable debt in the community. It's also a local model, whereby we have a Common Bond area that we operate in (for us it encompasses SE and DA postcodes). That means local people really are helping each other out.  

How can coops help tackle some of the biggest challenges facing society?  

With average unsecured debt (i.e., debt which is not put against an asset like property) standing at more than £4000 per person now in the UK, we provide a mechanism for people to take on affordable loans. The cooperative model is a not for profit one, where dividends get passed back directly to members. It means that we genuinely are able to put our members first every day and in every decision. Because we're not interested in making a profit, we can provide affordable interest rates for repayment; helping people who otherwise would not be able to afford to take out a loan.   

What do you love about co-ops and being part of a co-op in Royal Greenwich?  

I love the member-focused approach of GBCU and our ability as a relatively small organisation to be flexible (within our governance framework) in individual cases to do the best we can.  As CEO my work is extremely varied, ranging from the coordination of an office move to specific banking decisions and team development. Our team here is really special and consists of a number of local people, dedicated to serving our members in Royal Greenwich and beyond. The borough is a particularly diverse one to be based in, allowing us to serve a wide variety of needs, making every day different!  

The satisfaction is immense knowing that GBCU puts our members at the heart of everything we do. Being community driven is very special. 

Find out more about GBCU.