First community bond in Fife launches to invest in sports facility

The money raised will help Kingdom Off Road Motorcycle Club, (KOR) develop Cardenden MotoX track as a youth training, sports and entertainment facility.

The bond was launched by Scottish Communities Finance, a community benefits society.

It is aimed at new form of Citizen Investors – ordinary people who do not consider themselves to be investors, but who may have some savings in the bank and who will get a financial return if they invest locally for economic purposes.

Bonds costing just £25 are now open to all, and mature in five years.

And that investment will also benefit the club which has had a huge impact locally since its launch in 2003.

Over the years it has supported thousands of local young people.

Run by volunteers, it provides off road motorcycle related activities to children and young people, helps them to develop and gain qualifications for employment, and its work with police has helped to cut the number of anti-social riding incidents by some 60 per cent over the past four years.

A spokesperson. “The funds raised will enable us to take over the running of the Cardenden MotoX Track.

“We expect to welcome up to 3,500 people a year with plans for that figure to grow significantly over the next five years.”

The bonds launched at the weekend and remain open until August 14.

Pauline Hinchion, managing director of Scottish Communities Finance. Sad: “Community Bonds are a way for local people to support local social enterprises and get a financial return.”

“We are delighted to be making this offer to the people of Fife.

“For the first time they will have the chance to invest their own money in a local social enterprise through a community bond offer.

“This investment will allow Kingdom Offroad Motorcycle Club to take over the running and development of the Cardenden track so that it can expand its activities and reach out to more young people and continue the valuable work it does.”She added: “ We have never worked in Fife before, and we are keen to encourage other organisations here to consider community bonds if and when they want affordable, patient investment from local people.”

“Investing in community bonds re-directs money from where it may be sitting accumulating little or no value in deposit accounts with the banks.

“It is an opportunity to invest in local economies associated with employment and training opportunities plus providing local sport services. As well as a financial return, this is an opportunity to support local communities.”

There is no maximum on how many bonds can be purchased, and priority will be given to businesses and people living in Fife.

A club spokesman added: “Your investment will significantly increase the club’s current capacity at the new track and allow us to work with a larger number of young people giving them education and skills training and potential employment benefits.”

If you would like to buy bond, you can apply online at www.scotcomfinance.Scot/2022/kingdom-off-road