Robert Owen Community Banking has joined forces with Monmouthshire County Council to launch a pilot project giving people in the area access to interest-free home-improvement loans.
The loans, up to a maximum £20,000, can be arranged over a period of up to five years, and the pilot project follows on from other similar successful programmes the organisation is running with Powys County Council and Rhonda Cynon Taff (RCT) BC.
Robert Owen Community Banking (ROCB), a not-for-profit organisation based in Newtown, was launched in 2006 to provide fairer, more ethical local finance to homeowners, businesses and communities across Wales.
Jackie Milton, Head of Operations at ROCB, said:
“We are very excited to be rolling out this pilot project in partnership with Monmouthshire County Council to offer our Home Improvements Loans product to homeowners in Monmouthshire.
“The schemes in Powys and RCT areas have been very successful, and there has been really high demand, particularly for energy-saving measures since the start of the cost of living crisis.
“We strongly believe that people should be able to access funding in this way – a more viable alternative to borrowing money at high rates of interest. We see a real need for affordable loans to help households to make necessary repairs to their properties and become more energy efficient.
“Our Home Improvements Loans product is funded by the Welsh Government and local authorities.
“We are delighted Monmouthshire County Council has agreed to partner with us in this pilot project and hope it proves to be as successful as our schemes in other areas – allowing us to continue delivering on our commitment to provide affordable finance to the people of Wales.”
The Council’s Cabinet Member for Inclusive and Active Communities, Councillor Sara Burch, said:
“Monmouthshire County Council is delighted to establish this partnership with ROCB.
“We committed to a wide range of measures to support residents with the cost of living crisis. This partnership provides support for homeowners who need to undertake any critical maintenance work to keep their homes safe, warm, secure and weather-tight.”
For more about Robert Owen Community Banking, call 01686 626234 or visit www.rocbf.co.uk
