Business leaders across Sheffield are being urged by Chamber of Commerce chief executive Nigel Tomlinson to join a fight against the problems facing people forced to borrow at high interest rates.

Mr Tomlinson is appealing to Sheffield businesses to invest in the Sheffield Bond, as a means of tackling doorstep debt and contributing to the city's regeneration.

"The Sheffield Investment Bond is a real chance for the people of Sheffield to help their own. The bond benefits everyone involved.

"I am giving it my full support and hope that Chamber members and businesses throughout the city business region will do the same."

Individuals and employers are asked to invest money in the Bond.

Investors get their money back after five years. The interest generated will be used by Moneyline Yorkshire to provide affordable loans, advice, counselling and access to a savings scheme for people blighted by debt.

 

About 60,000 Sheffield families could be faced with debt repayments at interest rates which could exceed 900 per cent
The Sheffield Investment Bond is managed by the charity Citylife and investments can be made until the end of April.

Citylife was behind successful Sheffield Bond issues in 1999 and 2004, but this is the first time in the UK that a bond is used to tackle high interest rate debt. If the campaign is successful it could be a model for the rest of the country.

High-profile Sheffielders backing the Bond include City Council chief executive Sir Bob Kerslake.

Individuals and businesses can invest by cheque, debit card or by payroll deduction. For information call freephone 0800 652 8776; write to Freepost Sheffield Bond; or e-mail: info@sheffieldbond.org.uk.

 

NEWS