Times aren’t just hard; they’re the hardest they’ve been for decades.
Since COVID-19, money has become an emotional subject for millions of people, with the last 6 months only making things worse.
The period during Covid and the increasinly difficult times we’re living through is one of the worst to hit the world economy since The Great Depression. Although the opportunities for work have shrunk as expected, possibly due to over 50’s choosing not to return to work but incomes and the standards of living are going down combined with inflation rising - a perfect storm. During Covid it was reported that around 6.25 million households were living on reduced incomes. Coupled with the fact that only around 4% of the UK has Credit Union coverage *, it means that on top of incomes being lower, access to local, affordable lending is down too.
With these factors in mind, traditional banks are safeguarding the risk of lending by increasing the cost of entry, or decreasing availability even further. With the continuing closure of Branches the ability for people to secure a loan will be something that’s completely unattainable for many people, families, charities and businesses. We’ll be stuck in a rut that we simply can’t get out of out of, no matter what or how hard we try.
*Bank of England Statistics, August 2020
How do we know?
Millions across the country are brandished with an algorithmic credit score. For many, this score falls beneath the threshold for affordable and realistic lending.
Even if they have all the good intentions in the world to improve their finances, they are flattened to a one-dimensional yes/no answer, by a machine that doesn’t understand them. These people, should they need to access money, have no choice but to resort to using lenders with extremely high fees or repayment structures.
One report* discovered that only 6% of the loans issued in local areas were deemed to be affordable. As long as this continues, people and businesses will continue to struggle with high debt levels and ever increasing stress.
*Carnegie Trust, based on a study of 7 of 32 local authorities in Scotland
…which would be unaffordable for anyone, let alone someone in an already financially vulnerable state.
This needs to change, and we need your help to change it.
We’re Bloom.
We believe that in order to stabilise the world economy, we need to empower the millions of people with the will to inspire change on an individual level.
However, whilst it was hoped Bloom would be able to influence and resolve these matters it has now become necessary to “pass the baton” which has been delayed due to the last 3 years impact.
It is hoped that an independent organisation will take up this very important project as soon as possible.
Watch the video.
We need £50,000
to kick Bloom into action.
With this money, we will:
Ensure Companies within group are up to date administratively.
Ensure a detailed Directors and Officers Liability Policy is in place.
Finalise and structure agreement and details with all new Non-Exec Directors and finalise appointment of CEO for the Responsible Finance Company – part of Bloom Finance Group.
Update and finalise next steps with Fintech partners and look to the most efficient and cost effective integration.
Start appointing Ambassadors and potential Regional Representatives to promote Bloom across the UK.
Start process of FCA approval for Regulated Lending.
Relaunch of the Group’s websites plus begin a larger marketing push for Bloom 1.0.
By pledging, you will get:
A range of discounts for our partner brands & apps
Exclusive access to Bloom Beta
Free membership to Bloom’s Directory
Plus more to be announced