A campaign to stop wealth flowing out of Blaenau Gwent has been launched by Smart Money Cymru Community Bank. 

With the support of Blaenau Gwent County Council, the bank is offering a new community investment bond to businesses, charities, societies, renewable energy funds and other organisations looking to invest their funds safely, ethically and with a good return.

Blaenau Gwent Councillor Jules Gardner said: “The purpose of this campaign is to offer local organisations a safe home for their investments and so, in turn, allow Smart Money Cymru to use that capital to lend to its members in Blaenau Gwent and other parts of South Wales boosting the economy and in turn improving living standards.”

The bond, which can be from £10,000 and up to £85,000, offers good returns over fixed terms.  

And as well as a fair rate of interest, the CIB offers significant social returns for investors.

A document highlighting the benefits of the CIB was launched at the Tredegar offices of Smart Money Cymru.

The community bank has six staffed offices in South Wales providing face to face banking to its 14,000 members who benefit from its sophisticated loans and savings products. 

Chairman of Smart Money Cymru Alun Taylor said: “We are keen to keep wealth working hard for people in the area and I am sure this message will resonate with those who control the finances of businesses, charities, local authorities and other organisations.

“We are proud of our role and the ways in which our work supports community cohesion and this is explained in detail in the document. 

“This means that an investor in a CIB is not only supporting their community, but can also be seen to be investing socially and ethically,” he said.

More than 70 per cent of Smart Money’s current loans have been to people living in the most deprived areas of Wales, according to the Wales Index of Multiple Deprivation.