Getting the funds needed to start a small business is becoming increasing more difficult. That is why Fredericks Foundation and The London Community Foundation have joined forces to support disadvantaged Londoners, who aspire to run their own business.
The partnership’s aim is to help those struggling to find work help themselves out of welfare dependency, by providing small loans to start or develop a small business for those unable to acquire mainstream lending on the high street.
While London is one of the wealthiest cities in the world it is also home to some of the most deprived boroughs in the UK, which is why it is great news for low income residents that Fredericks London are making much needed funds available to those seeking investment.
As well as providing loans of up to £5,000 to deprived, yet aspirational Londoners, the financial support Fredericks offer comes with a business mentoring programme.
Paul Barry-Walsh, founder, Fredericks Foundation said:
"We know it works, our success rate for start-ups still trading after three years is over 70% - a figure most banks would be proud to boast.”
And we know from the real stories we've been part of since 2001 that there's a genuine need for someone to take a chance on people who have the vision and commitment to make a success of their businesses, but just need the backing of someone who believes in them."
As well as working with The London Community Foundation thanks to the regional growth fund Fredericks Foundation has been developing new partnerships across the UK with other Community Foundations, creating local lending "Hubs".
While Fredericks provide the funding, each local hub recruits local businesspeople and supporters to make lending decisions, using the benefit of their local knowledge and contacts.
Fredericks Foundation is also one of arc’s strategic partners, helping social enterprises in the Olympic boroughs acquire the finance needed to develop their businesses and realise their potential.