Innovative plans for a new 'shop-local' currency scheme were announced in Holmfirth this week.
The 'Pennine Pound' allows customers to receive discounts on purchases from regional producers and manufacturers using a prepaid top-up card. Any savings are paid back into their account every month. Cash back when it's needed!
Directors from the Pennine Cloud Company Limited - a new collaboration, financing and trading hub set up earlier this year to help businesses across the region - introduced the scheme to local business, council and community leaders at a 'Smart Holmfirth' event held in the town.
The announcement came during a consultation with local people on the Leeds City Region's new digital framework. They discussed several themes: digital skills; connectivity and infrastructure; the tech sector; plus how more traditional businesses can take advantage of the Internet economy.
Representatives from the Leeds Enterprise Partnership, Combined Authority and Kirklees Council were on hand to answer questions.
The Pennine Pound helps organisations find new customers by taking advantage of existing global networks, including affiliate marketing platforms. Its overall aim is to drive increased footfall into local shops and online by creating a better customer experience, providing more choice and value for money.
The scheme also builds resilience into the regional economy by keeping money circulating locally and supporting local investment and jobs.
The Pennine Cloud's Will Roebuck said
"The Pennine Pound is unlike any other 'shop local' currency schemes. We're working with our partners to provide a level playing field for independent SMEs across this region so that they can compete in local, national and global markets. We're also providing business loans through our partner network at competitive rates and backed by the British Business Bank."
The new Pennine Pound is a digital currency accepted anywhere in the world. The scheme underpins regional proposals to empower traditional businesses through online technologies. It also supports young people by giving them spending power at an early age whilst providing educational support around managing their finances.
"Britain's Northern Powerhouse region is a global market place," Will said. "The Pennine Pound scheme unlocks value in our rural economy to help us compete better globally, raise productivity and improve living standards for all. "
They'll be further exciting announcements on the Pennine Pound early next year. Including around e-commerce.