Fredericks Foundation announced it has the funding available to invest in a number of local businesses across areas of England.
Since 2001, the registered charity has been providing not-for-profit business loans to people struggling to obtain finance from a responsible lender, due to poor credit or other circumstances. The funding will aim to help build local businesses inBristol, Bath and North Somerset, Cambridgeshire, Cornwall, Devon, Kent, Lincolnshire, London, Northamptonshire, Surrey and Wiltshire.
Fredericks Foundation can help to either launch a new business or strengthen an existing one. Sole traders, partnerships and limited companies can all apply for a loan to support their business, whether the funds will be used to get started, expand or 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 for funding, and also offers mentoring, practical business advice, networking and links with the local community to help businesses grow after the investment.