Commonwheels car club shifts gear with cash boost
Commonwheels, a not-for-profit car club, is giving drivers a boost and the chance to save hundreds of pounds a year following a second loan from The Social Enterprise Loan Fund (TSELF).
Offering a national pay-as-you-drive service, Commonwheels, which has received a £25,000 loan from TSELF, will give motorists the opportunity to hire vehicles around the clock providing a great alternative to owning a car. With car hire parking bays located in various cities, the loan will help Commonwheels deliver a seven year partnership with Newcastle City Council that could result in a reduction of car ownership and congestion in the city centre.
Rod Jones, Regional Director for TSELF, said: “Being familiar with the work and ethics of Commonwheels, we are proud to have assisted in the firm’s expansion to Newcastle.
“With parking bays already located across Britain, we are glad to have helped this enterprise which offers an unbeatable car hire service for drivers who, for a variety of reasons be it ethical, environmental, financial or other, want to stay on the road at a manageable rate.”
Commonwheels Founder and Director Paul Balmont, said: “The service we provide is a great alternative for drivers who may not be in a position to purchase their own car, or perhaps owning a car would not be in their best interest if used infrequently.
Rod Jones added: “If you think about how many cars sit idly in parking bays in front of houses and places of work, a car club initiative such as this is definitely the way forward.”
TSELF is a Community Development Finance Institution (CDFI) and a registered charity aiming to support social enterprises engaged in social regeneration projects with the provision of loan finance.
TSELF has, to date, invested £8million in social enterprises across the UK, helping clients to generate job opportunities as well as training places.
Commonwheels has eveolved from Option C, originally set up as part of the INSPIRE project, part of EQUAL.
Commonwheels: http://www.commonwheels.org.uk, tel: +44 845 602 8030
The Social Enterprise Loan Fund (TSELF): http:www.tself.org.uk , tel: +44 20 7680 1028
Source: Social Enterprise Live, 7 May 2010 http://www.socialenterpriselive.com/your-news/commonwheels-car-club-shifts-gear-cash-boost