A group of prominent businessmen and professionals in Manchester is to set up an emergency relief programme to help alleviate the financial hardship in the community caused by the world-wide credit crunch.

At a meeting held in Broughton Park this week a committee was formed to assess the plight of the many businesses and individuals who are suffering in the current economic downturn. A cross-section of the kehilla was represented at the discussions which focused on measures available to prevent struggling businesses from failing. Other measures considered were confidence-boosting advice, negotiation with banks and a host of finance-driven options as well as loan and guarantee possibilities.  The popular North London askan Meir Rothfeld offered his expertise via phone link up, complementing the high level of knowledge and experience on hand. He said that the credit crisis is aggravating existing cash flow problems and that a consortium of affluent people could assist by collecting money to make loans. “Many businesses I know are on the brink with loans they cannot deal with.”

Certain members of the committee have already been instrumental in turning around a number of seemingly hopeless business situations. It is thought that many individuals can be helped to avoid bankruptcy and property repossession as long as they come forward in time.  It was pointed out that even in cases where businesses have passed the point of no return, there are often ways to mitigate the personal effects of the crisis, to make sure that families retain their own homes, and that a degree of dignity is maintained.

(By Yitzchok I Goldberg for Jewish Tribune – UK)