The new Cambridgeshire Provident Society is accepting applications for investment in its new ‘Sunshine Shares’ through Cambridge entrepreneur Peter Dawe’s www.notabank.co.uk venture.Dawe, who is chairman, says the aim is to raise £20m in the inaugural fund this year.
He has also revealed plans to replicate the venture in other counties – and to provide finance for other types of investment.
Business Weekly believes sustainable construction of ‘green’ buildings may be one of the next enterprises.
Dawe has announced a launch interest rate of three per cent. Dawe said: “We believe this rate is competitive with the commercial offering. Also, as investors benefit from EIS tax relief, the rate of return can be equivalent to over five per cent.”
Cambridge Provident Society – a Mutual somewhat like the old building society model – was due to open for business in November. But, as Dawe explained to Business Weekly: “The delay has been due to the Government changing the rules on Solar Panel Feed-in Tariffs at short notice. Which meant we had to go back to the drawing board last November.”
The money raised from the initial fund will be invested in solar power projects to benefit local communities. All profits will be donated to local charities, nominated by the Society’s shareholders. “Our hope is that there will be £100,000s of profits to distribute in a few years,” Dawe said.
“We are now looking to find partners to help us create additional provident societies to cover other counties and to provide finance for other types of investment. Our hope is to redefine how and where people put their savings in future.”
• The website has all the details plus an application form – www.notabank.co.uk