A community finance initiative, increased support for established and start-up businesses and more help for struggling families are among the initiatives recommended to the Wiltshire Assembly in a Wiltshire credit crunch report released today.

The report, which was commissioned by Wiltshire County Council for the Wiltshire Assembly, recommends a number of building blocks to support people, businesses and communities.

The recommendations follow extensive research with local residents and businesses.

While so far Wiltshire is proving resilient economically and socially, figures show that business confidence has fallen with almost two-thirds of businesses expecting turnover and profits to be down in 2009, and Citizen’s Advice Bureau’s across the county seeing an 11 per cent increase in the social issues being raised with them by clients, the main issues being debts and benefits.

As a result of the findings, the report outlines a menu of actions to help residents get through any financial difficulties.

The report says that the major impact of the 'credit crunch’ is a reduction in the availability of affordable credit to individuals and small businesses - the Wiltshire Community Finance Initiative addresses that head on with proposals for a strong Wiltshire Credit Union and the creation of a Community Reinvestment Trust.

More support for local people is also recommended by the report. This would include increasing the awareness of the support and advice available and making it easier for people to access this provision by establishing a telephone help-line. The proposals also seek to harness the support of local media organisations to build confidence and reduce fear, worry and negativity as part of an approach to fighting the recession.

In addition the report recommends additional measures to build on for the future. This includes maintaining and breathing life into town centres.

George Bright, former Wiltshire College Principal and Chair of the West Wiltshire Economic Partnership undertook the study, he said: “the process has been fascinating, local people have offered many constructive ideas to help Wiltshire in the economic downturn.

"The good news is that there is a positive sense in some parts of the county that the local economy could turn around reasonable quickly.”

The 20 point menu of actions includes:

  • Support the cash flow of smaller businesses and voluntary sector organisations Provide emergency support for small and micro businesses
  • Work to reduce business costs
  • Help Wiltshire’s small businesses to gain new contracts Help Wiltshire’s businesses to access national and regional support measures
  • Create new sources of finance for micro businesses and start-ups
  • Ensure easy access to information on available retail, office and industrial property
  • Support recovery by a rounded assistance package for new start-up businesses
  • Speed up the processing of business development planning applications
  • Promote potential growth sectors such as tourism and the food and drink industry
  • Fast-track new investment opportunities
  • Sustain the retail ‘street scene’ in Wiltshire’s market towns Provide new opportunities for Wiltshire’s people to develop their skills
  • Build confidence in partnership with the local media
  • Strengthen emergency support for individuals and families
  • Help households to increase their income and manage their debts Develop a strong well supported Wiltshire Credit Union
  • Help household with fuel costs and energy conservation
  • Support voluntary services as personal and family problems increase
  • Review the impact of One Council services on vulnerable households.

The Wiltshire Assembly met for the first time in October 2008. It aims to be the main place where Wiltshire organisations come together to decide what needs to happen in order for Wiltshire to build a bright future for itself.

The Assembly has agreed to focus its collective energy on finding ways to assist Wiltshire to find ways to adjust to, and creatively respond to the economic downturn resulting from the current credit crisis. The Credit Crunch report will be presented and discussed by the Wiltshire Assembly at its meeting next Monday.