Mutual credit is a tried & tested way of businesses trading with other businesses by issuing credit to each other. This can be done using an online platform like Open Credit Network. If Eastbourne businesses banded together within a mutual credit circle they would be able to preserve their cash-flow and have access to interest-free liquidity.
I think this will really help as the economic recession bites, and as businesses realise cash is not there, but they still need to exchange goods/services.
An open-source digital platform, managed by a non-profit co-op, to facilitate B2B trading is available at Open Credit Network (https://opencredit.network/). Some local businesses are already on the platform. Switzerland has a B2B mutual credit plaform, WIR, that has operated successfully for over 70 years, & is very popular during economic recessions, helping businesses to survive when financial liquidity dries up.
Not really a point against but just an alternative that might work better than a pure mutual credit system, which is always difficult to get off the ground because of the high degree of mutual trust needed. But a system from the US combines a mutual credit system with a Community Fund reserve. People pay £s into the Fund & get credit to the same amount, which they trade with, but the money itself doesn't move. They can cash out their credit anytime to get their £s back. https://commongood.earth
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