Multi-pronged approach to promote trading in Clonmel

A multi-pronged approach, involving up to six separate agencies, is designed to promote trading in Clonmel in the run-up to Christmas.

And one of the key groups involved, Clonmel Credit Union, will be injecting €2.1 million into the campaign through its interest rebate dividend.

Most of that money will be spent in the town, providing vital Christmas trade for retail, pubs and restaurants.

Joining Clonmel Credit Union in the initiative are Tipperary County Council, Tipperary Chamber of Commerce, Town Team Clonmel and the local Rotary and Lions clubs.

One of the instigators of the project, Credit Union president and local trader Terry Stafford, described Christmas as the ideal time to promote the good news stories around Clonmel and to encourage people to spend their money locally.

A significant part of that money will come from the Credit Union, with twenty percent of interest paid on loans over the year returning to the borrower in rebates. Credit Union chief executive Padraig Enright, describing Clonmel Credit Union as one of the most successful in the country, says no other credit union returns such a high rebate to its members.

CHRISTMAS LIGHTS

Clonmel Credit Union has already contributed €5,000 to the cost of Christmas lights in the town.

Meanwhile, Mayor of Clonmel, Richie Molloy, believes that the ground-breaking ‘shop local’ initiative, involving so many diverse strands of the Clonmel community, could produce a wonderful Christmas for the town.

Businessman and Credit Union president Terry Stafford points out that part of the Credit Union ethos is to support local community initiatives and to encourage all positive aspects of the town.

“That’s why we are joining with the other groups to promote shopping in Clonmel in the vital weeks in the run-up to Christmas. This is the best time of the year to do it with so many businesses dependent on a strong Christmas trade”, Mr Stafford says.

He accepts that Clonmel has received bad press over recent shop closures and derelict sites, but it’s important to stress that it’s very much open for business.

He pays tribute to the work of the new Town Team Clonmel community initiative; to the support for the Christmas lights fundraising in the tow; to the development of Kickham Barracks Plaza, where Santa Claus is set to visit and which will host a Christmas market run by local students; and to the plans to develop the former Clonmel Arms Hotel site into a new hotel.

EXTRA FOOTFALL

“There are also other new and exciting initiatives planned for the town and it’s important that we get behind all these projects and support them. That starts over the coming weeks by creating extra footfall around the town and creating a good Christmas atmosphere. We have to support our own town. Clonmel is going in the right direction, we have fabulous facilities and we all need to pull together as a show of force”, he says.

Providing a huge kick-start to that plan will be the €2.1 million that Clonmel Credit Union will pay to its borrowers in interest payment rebates in December.

CREDIT UNION

Credit Union chief executive Padraig Enright says the money will be paid out following the annual general meeting in the coming weeks, and he adds that he is delighted that this funding will play such a crucial role in the new ‘shop local’ initiative.

“The Credit Union is a co-operative, and co-operating with other local groups is certainly the right thing to do for us and our reason for being. The good that a vibrant credit union, such as we have in Clonmel, can do is incredible and this is it in action. Once again, we are delivering for our members, for traders, for the economy and for the community”, Mr Enright points out.

He describes Clonmel as the most successful credit union in the country based on the surplus it generates annually.

DIVIDENDS

Half of that surplus goes into its reserves for the future sustainability of the branch, and the other half is distributed to members with its interest rebate dividends. He points out that other credit unions have a similar dividend policy but none match the twenty per cent paid out by Clonmel.

“For example, if you pay €1,000 interest on your loan during the year, you will get €200 back tax-free into your pocket and we will pay that out after our AGM in December. We are unique in the scale of our rebate and we know that ninety-five per cent of that money is spent locally. One local trader rang me recently to ask when it would be paid as he needed to stock up and staff up. That money will fund Christmas for families and traders in our town,” he states.

And he emphasises that it’s not just at Christmas that Credit Union funding plays a major role. In terms of an economic multiplier, it has been estimated that you can multiple the amount credit unions loan by four to establish the real economic impact. “We have loaned up to €27 million to the end of September and if you multiple that by four you can gauge the huge economic impact in our area of operation, that stretches twenty miles as the crow flies from our Parnell Street offices, from Bansha to Piltown, Dungarvan to Callan”, Mr Enright explains.

LOCAL BUSINESS

Mayor Richie Molloy said the €2.1 million rebate money will prove hugely significant for the Clonmel economy, and he hoped that all shoppers would support their own local businesses first.

“I fully support the idea to get all strands of the community involved in the campaign to boost the town economy. It’s a great initiative by the Credit Union to take the lead in this as it has never been more important to shop local. We need to kick-start Christmas as soon as we can”, said Cllr Molloy as he fully committed the support of Tipperary County Council to the scheme.

He paid tribute to the work carried out by Tipperary County Council to enhance Clonmel and its business and tourist attractions, including the wonderful new amenity at Kickham Barracks Plaza, which will be a focal point for many Christmas activities this year.

Mayor Molloy also welcomed the involvement of Town Team Clonmel in the new initiative and highlighted the role it is playing in the provision of Christmas lighting.

Town Team Clonmel’s Noel Buckley welcomed the involvement of so many groups in the campaign, remarking that it represented the people of Clonmel coming together to promote the town. He described it as the start of a very positive journey for re-growing and re-developing the town.

Mr Buckley said no one is entitled to give out about the town unless they are prepared to do something themselves to improve it.

LIONS CLUB

Lions Club president, Paul Cremmins, and Rotary Club president, Fil Guida, said many clubs work independently for the good of the town, but by working collectively they can do so much more.

Mr Cremmins said they must also remember those who are left behind at Christmas and explained how the Lions Club food appeal will continue to be a vital support for those in need again this year.

Meanwhile, Clonmel Rotary’s Remembrance Tree in aid of Hospice will run parallel to the campaign as it combines festive cheer with charitable fundraising.