Hackney Council launches £10 a month bike loan scheme
- Credit: Archant
Adults are being invited to borrow a bicycle for just £10 a month, in a new scheme from Hackney Council to encourage more people to take to two wheels in London’s top “cycling borough”.
At the end of the four weeks, the council’s cycle loan scheme allows participants to buy the bike at a discounted price, paying in three instalments over six months.
Residents can also borrow a helmet, lock, lights, child seat and other accessories at no extra cost.
The scheme, run by Cycle Experience following a competitive tender, is costing the council £60,000 for a year’s delivery of the scheme, with funds coming through a mixture of Transport for London cash and planning contributions from new developments.
The council expects 400 people to participate in the first year, and hopes the scheme will be financially self-perpetuating with most bikes sold when they are new, and haven’t lost much value.
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Bikes can then be replaced by the contractor, with no additional cost from the council.
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