New fund launched for businesses turned down by banks

Duncan Parker, CEO at the Fredericks Foundation

Businesses in Lincolnshire and Northamptonshire that have suffered the disappointment of being turned down by a bank have been given cause for optimism today after a new fund was launched by the Fredericks Foundation.

The charity will help to build local businesses in the two counties by providing not-for-profit business loans for individuals and firms that are struggling to secure finance due to poor credit or other circumstances.

Duncan Parker, chief executive officer at the 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.”

Sole traders, partnerships and limited companies can all apply for a loan from the fund.

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