Frome boasts a diverse range of businesses, including small enterprises, artisans, and social enterprises. It also has a rich history and a growing reputation for its thriving arts and culture scene. Despite its many strengths, Frome faces several new banking challenges. In 2023 the closure of three banks (Nat West, Barclays and HSBC) meant businesses and residents increasingly lack access to in-person banking services, support or access to credit for business development. This strained the postal office offerings in town as they become oversubscribed as a banking alternative. In 2024 this situation became even worse with the announcement that the last Bank in town TSB would be closing in September. In addition the Post Office in Portway announce it would be closing in June leaving Frome with only one provision at Rodden Road.
What We Are Exploring
Prosper Frome is actively seeking solutions to enhance financial accessibility within our local community. Our goal includes advocating for an accessible and inclusive financial framework, specifically catering to the needs of small businesses and individuals in our town. Additionally, we are arguing for community solution that cultivate better financial literacy for individuals and businesses and bolsters economic resilience.
We have been researching, advocating, and engaging stakeholders to find out what the art of the possible is and its is very apparent that proactive place based solutions are very difficult to enact and as a community we have to wait until national solution deem the sitution in Frome to be dire enough to take action.
What we would like to happen
Cash Access UK oversees alternative banking provisions on behalf of the banks when they leave a community. We would like to see Cash Access UK invest in a Community Financial and Banking Hub, a 'Bank of Frome'. Something that has at its heart a centrally located Post Office, rotating Banks offering support to their customers and space for other community organisations to run their services such as Citizen Advice Bureau or Mendip Credit Union. An accessible space open to all that makes financial management and resilience central to how we survive as a rural market town.
Investing in Our Community
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Supporting access to small grants and loans for Frome-based businesses.
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Exploring investment options tailored for small local enterprises to enhance community development.
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Linking with other grant-giving and funding bodies fro more partnered ways of grant giving to leverage the power of many.
Financial Spaces and Structure
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Establishing a banking hub and/or an additional post office
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Creating space for existing financial support services dealing with money matters such as Citizen Advice Bureau and Mendip Credit Union.
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Hot-desking space for professional services practitioners
Money Matters for Individuals and Businesses
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Business advice, mentoring, support and signposting to other useful sources.
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Workshops and discussions around money matters for businesses and individuals
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Facilitating networking and collaboration opportunities with other local businesses.
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Supporting individuals in developing more confidence in budgeting, accessing services and grants; finance connectors?
Banking hubs have been in the news a lot recently, as of May 2024 50 have been opened across the country.
With the closure of TSB our last bank in Frome in September could we now be eligible for one?
According to Sarah Dyke our MP on May 11th, Cash Access UK have informed her that we may be now eligible for 'deposit services'. Watch this space for more info.
Even if that does mean we would be eligible for a Banking Hub it can take up to a year to get everything in place to have one.
Money Matters Cafe
Listen to our easy to follow discussions with Anne Hills on a range of issues
Building a Savings Habit
Understanding Credit
Budgeting in a Cost of Living Crisis
Loan Sharks
Navigating Welfare Benefits
Making your home more energy efficient
Planning for Christmas...2024
New Year financial resolutions
New Year financial resolutions
Could a One Banx Kiosk be a potential solution to Fromes' Banking challenges???
OneBanx has developed a kiosk which allows users to connect with any bank to undertake transactions including the banking and withdrawal of cash and change. 7 of these kiosks have been rolled out in Wales and the North East and are being taken up by local building societies who see this as an additional service for the own customers as well as offering a much needed service in towns where the banks are leaving. The kiosks can also be situated in shops or community premises such as libraries. Although the kiosks rely on internet skills, the elderly and vulnerable are helped to engage and undertake transactions either by building society staff or, in pubic spaces, by trained volunteers or paid staff. This is a solution that is working for small towns such as Morpeth and Cowbridge and could work here in Frome.
want to find out more?
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Sign up to our mailing list
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Read our blog updates
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Come to one of our update meetings,
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Email us at prosperfrome@gmail or through the contact form
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Help us research imaginative options, if you have seen things that have worked really well elsewhere send us the details
get in touch
We don't have a hub yet but watch this space
best to email us at the moment
prosperfrome