Community support

Funding level: £10,001 to £25,000

Description

We are developing a local currency called ‘Kingston Pound’. The idea is to give the community a way to invest in itself by supporting local independent businesses. Nearly everyone we speak to would agree that our town needs to have thriving independent Butchers, Pubs and Cafés. The alternative is to have high streets with no character and an erosion of community spirit.

We are one of only three projects in the UK running an Electronic payment system using a banking software system called Cyclos which, is used by many banks around the world. We have over 100 members spending with over 40 local businesses and to date over £7,500 have been converted. We need to rapidly expand this to have a real impact on our community. Our intention is to print the Kingston Pound on durable secure notes and have these printed Kingston Pounds designed by school children and the wider community.

Our goal is to have over K£100,000 in circulation and intend to be more than simply a payment system. For example, asking school children to submit designs for the Kingston Pound enables us to join the conversation around the financial education of our children. We are also working with our local Credit Union and also a local debt charity so that people can avoid the adverse effects of making poor financial decisions.

We are constantly asked to recycle our cardboard and plastic and that is efficient right?
So why not recycle some of our local money so that it is re used? The New Economics Foundation have written extensively on the need for local economies to become more efficient and to try and ‘plug the leaks’ http://www.pluggingtheleaks.org/about/index.htm

As the Kingston Pound is spent and then re-spent, they can encourage local businesses to seek out other local suppliers which can help reduce delivery miles as well as secure local jobs.

Our intention is to introduce the printed Kingston Pounds to run alongside our electronic Kingston Pounds and introduce these in the Summer of 2017. We need money for the printing of the currency but also to pay for the advertising and the cost of promoting the printed Kingston Pound to our 170,000 residents.

Everyone involved with the project or submitting designs will have their name micro texted into the security of the notes so that the printed Kingston Pound will be a true Community Currency.




Project Video

Kingston Pound Community Association

Kingston Pound is run by a small team of volunteers from business, design and voluntary sectors. It is a non for profit organisation and we do this because we love where we live and would rather be doing this for our community than spending every weekend on the golf course.

Location: Kingston upon Thames