Creating a resilient local economy in 2016
2016 was a great year for Kingston Pound with more business and users signing up. We can now reveal that since March 2015 more than £8,000 has been spent using Kingston Pounds. With just over £6,000 converted we can now safely say that our currency is adding extra value to our local economy and community. Results show that each £1 converted is worth £1.30 to the local economy.
To date, 100 local people have signed up to use the currency to spend in 40 of the independent business of the borough. More new businesses signed up in 2016 to accept Kingston Pounds. These include Maple Road favourite, Shoes At Last and the Kingston Chamber of Commerce. At the start of the year the council agreed to accept Kingston Pound as payment for business rates, and in 2017 we hope to work with them so that they can spend K£ too.
Kingston Pound became a CIC in 2016
In October, Andrew, Peter, and Bobi became Directors of Kingston Pound as the project became a Community Interest Company. This move, not only gives reassurance to you our stakeholders that the interests of the community are at the heart of what we do. But, gives us the opportunity to link with other social enterprise initiatives.
So what lies ahead for Kingston Pound in 2017?
We have partnered with Love Kingston, to support their work with local charities and have pledged to donate the transaction fees to them. The more you spend in K£, the more we will be able to donate!
Watch this video to see our full 2016 round up.