EDVENTURE: Frome is inviting local small businesses to attend a meeting on Monday 3rd April at The Welsh Mill Hub from 6pm to 7.30pm to discuss how the Frome business community can “do it for themselves”.
“It is getting harder for small businesses to obtain finance or even afford to pay for financial advice at all,” says Edventure. “The big banks are withdrawing from our town centre and, as made clear in a talk at a recent Edventure business breakfast (run jointly with Frome Chamber of Commerce), the risk assessments for loans from the big banks are getting tougher.
“As was explained to us by a manager working for one of the leading banks, the banks are primarily driven by their own profit margins. They will withdraw from towns if their buildings are expensive to run; they see new financial institutions as threats and they do not really see themselves playing much of a role in local economic regeneration.
“The discussion that followed surfaced lots of ideas as to how the Frome business community can do it for themselves. Can we establish a process for peer-to-peer lending? What about a Frome pound? Can we establish a fund which larger business contribute to, whereby start-ups can apply for small grants? Can we establish a finance hub where people can go for advice? Can we work to set up a Post Office again in central Frome which could also double down as a finance hub? What can we learn from other places? Anyone watched the film ‘Bank of Dave’?
“If any of this sounds of interest, Edventure is planning to host an evening meeting to discuss this. If you would like to come, please contact Jean Boulton (one of Edventure’s directors) via info@edventurefrome.org”
The next business event with the Frome Chamber of Commerce will be an evening meeting at Mells Garden Café, on May 10th from 6pm to 7.30pm.
