Around 34,000 people taking, on average, two payday loans of £250 each for 30 days. Around 20,000 doorstep borrowers borrowing an average of £650. Around.

Around 34,000 people taking, on average, two payday loans of £250 each for 30 days.Around 20,000 doorstep borrowers borrowing an average of £650.Around 20,000 people taking two loans through pawning of an average of £250, each for a couple of months.Around 300 logbook borrowers (usually secured on a vehicle) at £2,000 each.Around 3000 people borrowing an average of £600 for two years through a weekly payment store.

This means a figure of 50,000 borrowers borrowing an average of around £800 in the non-standard credit market . That’s around 12% of the adult population, concentrated in the more deprived parts of the city.

Initial assessment & then match customer to appropriate product / service

EmployersAwareness raising Payroll schemes

LandlordsAwareness raising

New tenancy incentives

Voluntary, Community &

Faith and Trade Union Networks

Awareness raising

Customers

Online / Phone / City Centre Shop

Savings/Money Management

ProductsPersonal Credit

Advice and Support

Short/medium term loans at less than 50% of commercial rates

White goods packages

Debt advice

Money advice

Including payroll savings options

Transactional card accounts

Finance for Sheffield (trading as Sheffield Money) established as an Industrial and Provident Society

Board set up: • Peter Bradley (Chair) • Sharon Squires (Secretary) • Miranda Plowden• Andy Buck

Recruitment started

FCA registration submitted

Developing ways to measure social return of investment

Building relationships with key stakeholders across the city

Progress: setting up the company

Identified and secured prominent city centre premises

Developed clear brand identity

Website under development

Communications and marketing plan

Work with landlords to raise staff awareness

Progress: here for customers

Personal Credit

• Short/Medium-term loans at less than 50% of commercial competitors

• Working with Five Lamps CDFI and Credit Unions

• White goods packages with Appliances Online

Savings and Money Management Products

• Savings with Credit Unions

• Transactional card account with Ffrees

• Insurance options in development with Thistle Group

Advice and Support

• Working with Sheffield Citizens Advice

• Working with Money Advice Service

Progress: offering the right product

Promote Sheffield Money through your communications

Work with us to develop materials for front line staff

Work with us to develop key messages for customers and service users

Explore other ways of promoting the service

Staff benefit as well as a service for Sheffield residents

Payroll deductions to savings

Access to loans at better rates than high street banks

Opportunity to invest in the development of a business aiming to make a positive social impact

Discussions with Key Fund

Shares in the company

Donations also possible

Five Lamps have an initial investment of £500k in lending capital for Sheffield

We need to match this with a further £500k over the short term

Longer term working toward a total fund of £2.5m

Social Loan Note – 5-year investment

Social return on the investment

Financial return on the investment