We acknowledge small independent businesses are the backbone of our economy and only by leveling the playing field we can let them drive local development and growth. We recognise the importance of competitiveness in the current economic fabric, but rather than advocate for more competition we support local cooperation and offer a tool that makes local trade more advantageous. Localism and entrepreneurship are two reasons why we have started Parity, but our members also have good economic reasons to use this local currency.
SMEs can face challenges with access to finance, from time-consuming paperwork to collateral required to define credit price. In Parity companies need only one meeting to let us assess if there is capacity to sell into the network. If there is demand for the product or service offered, Parity will make available an interest free credit line ready to spend in our local market.
Benefits are even greater when this capacity comes from untapped potential such as slow moving stock or free time because Parity will be able to increase revenue without increasing costs; a way to monetise spare capacity and generate profit.
Parity however is not a financial provider, our job is to help companies spend the credit and sell into the network to pay it back. The credit is created by the network of local entrepreneurs that in the spirit of cooperation decide to accept payments in Parity from other members. Purchases in Parity result in debit from the buyer and corresponding credit in the account of the supplier.
Parity offers a business service to its members including a digital platform, available on desktop and mobile apps for payments, banking and directory, local promotion through our channels, internal brokering to match demand and supply, sales support and networking events. Parity facilitates business relations and support transactions within this complementary local market.
Parity offers a limited free membership however more benefits are available with a monthly membership fee starting from £35. Benefits include individual brokering and larger credit lines. You can also become a Parity ambassador by referring a company into the network. For each business that joins with your referral you get 20% off on your membership meaning that with five referrals, Parity is free forever.
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