Finance for Sheffield

A reminder Research published in May 2013: 50,000 Sheffield residents with high cost loans SEB supported proposals to develop a new intervention in this market for Sheffield Development of the new company followed completion of the full business case in Spring 2014 Business will open to the public on 12 th January 2015

So far… Finance for Sheffield established as a Community Benefit Society Agreements reached with Five Lamps and Transave to act as CDFI and Credit Union partners Developed a clear brand identity Established a clear product offer Identified and secured prominent city centre premises

:how it compares Customers in this market care about: Cost per week Customer service Speed of accessing finance Decisions are not based upon APR To compete successfully, Sheffield Money will aim to meet those customers’ needs Companies like Wonga and Provident encourage taking on more loans resulting in a gradual increase of debt Sheffield Money will help its customers manage their money better, helping them over time to access lower cost products and hopefully move out of debt completely. It will also be more flexible towards repayments and how missed payments are treated in relation to existing debt. This is a higher risk market than the mainstream and higher interest rates are inevitable if the company is to be self-sustaining. However, Sheffield Money products will have a total cost of borrowing of less than 50% of the equivalent commercially available product. Cost of borrowing comparison with commercial providers

Product offer Loans Savings White Goods Insurance

Branding

How can you help? Payroll deduction Investment – for business development and (in the future) for lending capital Routes to customers