Fredericks Foundation launches in Wiltshire (From Swindon Advertiser)

Fredericks Foundation launches in Wiltshire

Representatives of the Swindon and Wiltshire business community joined Fredericks Foundation at STEAM for the launch of Fredericks Wiltshire.

The foundation was set up in 2001 and helps disadvantaged people who aspire to become entrepreneurs to start and grow their own businesses. The charity provides a range of business support and microloan funding to those who have difficulties with securing business loans or investment via traditional means.

Paul Barry-Walsh, Fredericks’ founder and chairman, said: “Since 2001, we have helped 714 businesses and created more than 1,000 jobs with £2.4 million of loans. The skills of our client support managers play a vital role in helping the businesses we support to succeed - 75 to 80 per cent of the loans we provide are repaid.

“Our model is cost effective - £1,000 of loan is used on average five times. Only a tiny amount of input results in a major outputs.

“The businesses and jobs created have a positive ripple effect on the local area. Approximately a quarter to one fifth of the people we support are on incapacity benefit.

“Fredericks is small, friendly and decisive. Loans can be approved in half an hour and the money provided within 10 days.”

Fredericks Wiltshire has been launched in partnership with GWE Business West and Wiltshire Council, who have both made significant investments over three years. And it is supported by Swindon Borough Council.

Alistair Cunningham, Wiltshire Council’s service director for economy and enterprise, said: “In Wiltshire, more businesses starting up with fewer failing will result in bottom line savings and will be hugely helpful to the area. We need to find effective ways of dealing with issues at the front end and invest in hope.”

Nicky Alberry, chairman of GWE Business West, said: “It’s been tough for business in Swindon and Wiltshire over the last 18 months. And still to come are the implications of cuts in public sector spending. But we also see people viewing the challenging situation as an opportunity to do something different – to start their own business. This is why the work Fredericks does is so important and we are delighted to be making a substantial investment over the next three years.”

“Getting approval for finance for your business is one of the most challenging hurdles that anyone has to jump over. In stable economic times it’s hard enough, in difficult times it’s often almost impossible.”

“Fredericks is another source of funds for business men and women to turn to if they have had a genuine application for funding turned down by their Bank. Fredericks Wiltshire could be the light at the end of a dark tunnel for many.”

For further information on Frederick’s Wiltshire, visit www.fredericksfoundation.net