Community Finance Matters
Prosper Frome, a venture initiated by Jean Boulton and Sam Evans, emerged in response to the repercussions faced by the Frome community due to the simultaneous departure of the three major banks in the area. Prompted by a discussion with one of these banks who spoke at a Frome Chamber business breakfast arranged by Edventure earlier this year, it became evident that the business model adopted by large banks was rapidly changing and small-community in-person engagement was no longer a priority and it wasn't cost-effective to maintain local bank presences. Moreover, it was also highlighted that there was an increase in difficulty faced by small businesses in obtaining loans, as risk assessment standards were becoming more stringent.
The burden of these closure falls on the post offices, amplified as they not only try and accommodate additional traffic from individuals for essential services, but now also have to serve as the primary channel for businesses seeking to deposit funds and acquire coin cash.
This shift in the banks' reduced community focus served as a catalyst for the realisation that Frome needs to take charge of its own financial resilience. Subsequently, extensive research, networking, and advocacy efforts have been underway to explore potential solutions and rally support within the community. These endeavours have led to the establishment of Prosper Frome as it advocates for solutions.
Meet the Team
We are small but mighty! At the moment as we advocate for change, we give our time and effort for free.