Plans for a local currency, the Exeter Pound, will be unveiled at a meeting in the city next week.
According to organisers, the Exeter Pound will be a complimentary currency, designed to work alongside sterling, not replace it.
It will aim to focus more spending in the strong networks of independent producers, retailers and service providers in Exeter.
By being a currency that can only be used in local businesses, the Exeter Pound will the public make a choice to support the local economy and community.
Local businesses will be invited to use the Exeter Pound to promote a joined up, vibrant local economy and keeping spending power in the area.
The launch event starts at the BikeShed Theatre, on Wednesday, September 24 at 5.30pm.
There will be an opportunity to meet the Exeter Pound team with free nibbles in the bar.
At 6pm the illustrated presentation by Martyn Goss, Director of Church and Society, and Victoria Hatfield, of Exeter City Council and will be followed by questions and discussion.
The steering group, set up by Transition Exeter in 2013, has researched local currencies in Bristol, Brixton, Totnes and elsewhere, and with support from Exeter City Council is working to set up a scheme in Exeter. It is hoped the local currency will launch in autumn 2015.
The Exeter Pound will be backed one for one by sterling and will be available from service points throughout the city. It will be a paper and electronic currency with payment by text and the possibility of internet banking.
Pete Ashton, FSB National Policy Vice Chair, said: "It's great to see Exeter pushing the boundaries and thinking outside the box on ways to help and support local independent businesses. The FSB is delighted to be involved in this exciting new venture and wish it every success."
