Bradford City's successful 1996 application to
European Community in Brussels to fund LETS
Highlights:
"REVENUE BUSINESS SUPPORT MEASURES AND R&D APPLICATION FOR ASSISTANCE
Applications for ERDF revenue support under Objective 2, Objective 5b
and Community Initiatives should be submitted using this form. It will
be necessary for each project to be supported by a fully documented
Business Plan, or a project proposal providing a similar level of
information. The Business Plan will need to show that without the
assistance the project would not go ahead, would go ahead on a
significantly reduced scale, or in the case of projects already
started would cease.
Name of Programme: Yorkshire and Humberside Objective 2 1994-1996
Title of project: Neighbourhood Local Exchange Trading Schemes
Applicant Name: City of Bradford Metropolitan Council
Address: Economic Initiatives Division, Bradford, BD1 5RW
Contact: Avril Austerberry
Position: Special Initiatives Manager
Tel/fax: 01274-753506/754428
Legal Status: Local Authority
Area: Bradford Objective 2 (Priority 6 area)
Place: Central Bradford
Outline description of project:
"The development of Local Exchange Trading Schemes (LETS) through
the Priority 6 area, is a part of an integrated approach to community
economic development which aims to bring about the regeneration of
socially excluded communities. The idea behind LETS is to overcome the
absence of finance and credit by encouraging people and organizations
to trade skills, services and goods without needing to use the cash
economy. The system works by developing a local directory of skills, a
unit of exchange and a system of debiting and crediting the number of
units in an account. LETS are community owned and help stimulate the
local economy. This Project would build on existing LETS development
work and would be targeting individual neighbourhoods within the
Priority 6 area."
Explain the rationale behind the project:
"The Priority 6 area of Bradford is home to communities who
suffer long term social exclusion due to poverty and unemployment, and
in some cases, discrimination. This has resulted in the loss of self-
esteem in these communities and, in some instances, a dependency
culture. LETS is a mechanism for overcoming these barriers and
provides one approach in assisting regeneration.
The success of LETS has been proved as it is running in largely
one area of Bradford's inner city for the past 2 years. the system has
over 200 members and has so far traded the equivalent of #12,000. It
provides a framework by which the community can meet its economic
needs and is particularly appropriate in areas of high unemployment
where residents feel disenfranchised from the conventional economic
system."
State how the project meets of the objectives of the Programme?
"By the development of local community economic activity.
Long term creation of employment opportunities.
Building local capacity to respond to opportunities."
Which measure and priority: "Priority 6 Measure 21"
Period of Project: "April 1, 1996 - March 31, 1998"
Who will deliver project?
"City of Bradford Metropolitan Council, Economic Initiatives
Division will deliver the Project through its Community Economic
Development Team. Business Links, along with all other local
consultees, support this proposal."
What experience have you delivering this type of project?
"The Council has supported and participated in the existing LETS
scheme over the last 2 years. It also has a proven track record in
delivering a wide range of Projects, including many funded through
European finance."
Give details of links with existing projects:
"It is an extension of an existing project which has clearly
defined parameters, but will be focused on those Priority 6 areas in
which this initiative is currently absent, but which would benefit. It
has never received ERDF funding. It links with the Council's "Areas of
Stress" document, and the District's Community Economic Development
Strategy and Anti-Poverty Strategies."
Examples of the type of costs (labour, rental, etc): "#55,700."
Applicant's own funds: "#27,850."
Proposed funding: "#27,850."
Please specify performance measure:
"Number of LETS schemes established: 4
Advice Sessions provided: 16
Training hours provided: 400
Number of members participating: 600
Number of volunteers recruited: 30
Value of trading achieved: #40,000"
How to monitor effectiveness of the project?
"Membership to increase.
Volume to trading.
Number of new businesses created.
Number of people accessing training.
Number of people accessing employment.
Impact of the social benefit in communities.
Monthly monitoring by EID Management, Quarterly Review"
Give milestones:
"2 new LETS schemes established by 31.03.97
4 new LETS schemes established by 31.03.98."
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