Fredericks Foundation has launched Women’s Loan Fund – a £2 million fund available to disadvantaged women with a viable business plan who want to launch a new business or need support to develop an existing one.
Fredericks Foundation is a U.K. charity and Responsible Finance Provider that provides microloans and ongoing business support to people who are seeking to start or grow their own business but cannot obtain mainstream finance.
Through the Women’s Loan Fund, the charity will provide loans of up to £10,000 for start-ups and follow-on loans of up to £35,000 to cash-poor women entrepreneurs.
Duncan Parker, CEO at Fredericks Foundation comments: “We have created this special fund for women entrepreneurs who can’t access mainstream financing becauseof the lack of available finance given to female entrepreneurs, and the social impact of lending to women is greater. Their families and communities have higher chances of becoming successful and thrive when women achieve a reliable income.
“Fredericks Foundation aims to help an increasing number of families and communities to move away from a life of financial dependency on benefits and empower them to increase confidence in their future, self-esteem and new skills.”
Besides financial support, each entrepreneur will also benefit from specialist mentors who will guide and help borrowers to develop and grow their businesses.
“The reality is that mainstream banks are unable to support funding for start-up businesses where the applicant has a poor credit history, or little or no track record in running a business. This can prove a seemingly insurmountable barrier to those seeking to obtain start-up finance. As a result, those who need the funding most are the least able to access it. This is where Fredericks comes in and enables people to become financially independent and valuable economic contributors to society through sustainable self-employment,” adds Duncan.