Business managers across Sheffield have been invited to invest in a new bond to assist in tackling the problems facing people forced to borrow at high interest rates.

The Sheffield Investment Bond is managed by the charity Citylife and it is the third time this bond has been issued, but it is the first bond in the UK to help people with high interest rate debt, reports the Sheffield Star.

Investors will get their money back after five years and the interest generated will be used by Moneyline Yorkshire to provide a service where affordable loans, advice, counselling and access to a savings scheme is on offer to people under pressure from debt.

Businesses in the city should benefit as the thousands of people expected to use the service will have a little more money to spend.

Sheffield Chamber of Commerce chief executive Nigel Tomlinson said: "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 businesses can invest by cheque, debit card or by payroll deduction.

 

 

 

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