Funding for entrepreneurs struggling to access responsible finance
A fund set up to support the dreams of entrepreneurs who’ve been turned down by the banks has announced it has finance available to help build local businesses in areas across England.
Since being established in 2001 as a registered charity, the Fredericks Foundation has transformed the lives of thousands. It provides not-for-profit business loans to people struggling to find finance from a responsible lender because of poor credit or other circumstances.
Now the Foundation is keen to reach out to others it can help to either launch a new business or strengthen an existing enterprise.
It has revealed it has funding ready to invest in the following areas: Bristol, Bath and North Somerset, Cambridgeshire, Cornwall, Devon, Kent, Lincolnshire, London, Northamptonshire, Surrey and Wiltshire.
Sole traders, partnerships and limited companies can apply for a loan to support their business – whether they need cash to get started, capital to expand or funds to bridge a gap.
Duncan Parker, Chief Executive Officer at Fredericks Foundation, said: “People become excluded from mainstream credit for all kinds of reasons, meaning many simply give up their business dreams or resort to borrowing from lenders with unreasonable terms. We are determined to help level the playing field by giving everyone the opportunity to apply for one of our loans and transform their lives by running their own business.
“Unlike the banks, our Foundation was set up with social purpose in mind, so we have more flexibility when it comes to who we can lend to and we’re not in it to make a profit. We’re determined to extend our support to more people so we’d encourage anyone who’s already been turned down by the bank to come to us to see if we can make their business proposition a reality.
“We’ve helped people to set up and grow all kinds of businesses across England and Wales over the past 18 years and we’re really proud of the impact this has had on the lives of our applicants, their families and their communities.”
The Fredericks Foundation support team provides step-by-step guidance on how to apply and offers mentoring, practical business advice, networking and links with the local community to help grow the business after the investment.