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) has meant businesses and residents increasingly lack access to in-person banking services, support or access to credit for business development. This is also straining the postal office offerings in town as they become oversubscribed as a banking alternative.
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 aim to cultivate financial literacy and bolster economic resilience.
While currently in the initial phases of the project, we are diligently researching, advocating, and facilitating to determine the feasibility of our objectives. Our enthusiasm and dedication drive us to turn this vision into a reality.
Investing in Our Community
Supporting access to small grants and loans for Frome-based businesses.
Exploring investment options tailored for small local enterprises to enhance community development.
Linking with other grant-giving and funding bodies.
Researching best practice – in community banking, finance hubs, bank in a van, building prosperous local communities
Financial Spaces and Structure
Looking to establish an informal banking hub and/or an additional post office
Creating space for existing financial support services dealing with money matters such as Citizen Advice Bureau and Mendip Credit Union.
Hot-desking space for professional services practitioners
Money Matters for Individuals and Businesses
Business advice, mentoring, support and signposting to other useful sources.
Workshops and discussions around money matters for businesses
Facilitating networking and collaboration opportunities with other local businesses.
Supporting individuals in developing more confidence in budgeting, accessing services and grants; finance connectors?
Money Matters Cafe
Listen to our easy to follow discussions with Anne Hills on a range of issues
Building a Savings Habit
Budgeting in a Cost of Living Crisis
Navigating Welfare Benefits
Making your home more energy efficient
Planning for Christmas...2024
New Year financial resolutions
New Year financial resolutions
Get to Know Us
Banking hubs have been in the news a lot recently
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.
get in touch
We don't have a hub yet but watch this space
best to email us at the moment