GWE helps to establish a lending hub for Swindon (From Swindon Advertiser)

GWE helps to establish a lending hub for Swindon

GWE Business West has made a positive step to help local business and the economy fight the real effects of recession by enabling the Fredericks Foundation to establish a Lending Hub for Swindon and Wiltshire.

The Fredericks Foundation was set up in 2001 by a successful entrepreneur Paul Barry-Walsh and helps disadvantaged people who aspire to become entrepreneurs to start and grow their own businesses.

The charity also provides a range of business support and micro loan funding to new and small companies.

To help combat local unemployment, redundancy, company insolvency and downsizing, as well as the related social impact, GWE Business West will make a significant investment of £100,000 in the Lending Hub over three years.

GWE Business West will also provide additional support in the shape of free office and meeting space at Park House Business Centre, in Swindon’s historic Railway Village, as well as resources and expertise.

GWE Business West, which has been established in Swindon as a major player in economic development for nearly 25 years, is well placed to participate.

Its knowledge of local companies and contacts will help identify local people willing to get involved in managing and growing the fund, and in making the final decision on requests for loans.

Nicky Alberry, the chairman of GWE Business West, said: “Although community funds exist in other parts of the region, this is an innovative response to supporting new and young businesses in Swindon and Wiltshire at a time when mainstream financing is hard to access.

“In stable economic conditions there will always be a need for this kind of lending.

“But in a recession, which has had a major impact on Swindon and Wiltshire’s economies, it is especially important that this assistance is available.”

Charles Dodwell, the chief executive of the Fredericks Foundation said: “Having an enterprise community hub in Swindon is more than a desirable objective; it is an essential component of Swindon and Wiltshire’s economic recovery and future prosperity. “We will consider you for a loan and business support if you can demonstrate that you have made a genuine application for funds to your bank or a mainstream lender – and that you have been turned down. “Your business can be at any stage: you may require money to start-up; capital to expand your business; or funds to bridge a gap.

“Whether you are a sole trader, in a partnership or have a limited company you may be eligible for a loan.”

Start-up businesses are offered up to a maximum of £10,000, though the average loan is less than £5,000.

For established businesses with a financial track record the maximum loan is £20,000.

A hub for Swindon and Wiltshire will complement the Fredericks Foundation’s other operations across much of the South of England including Hampshire, the Isle of Wight, Kent, Sussex, Surrey, Buckinghamshire, Berkshire, Oxfordshire, Gloucestershire and the West Country. For further information visit www.fredericksfoundation.org.

If you are interested in volunteering to help Fredericks Foundation, email volunteers@fredericksfoundation.net.

If you are interested in becoming a partner, email partners@fredericksfoundation.net.

Read more in the Wiltshire Business magazine next week.