I went to a very interesting dinner last night. The purpose of the dinner was to introduce some local business people to a recently founded charity called Fredericks. www.fredericksfoundation.org if you’re interested in finding out more.
The idea of Fredericks Foundation is to help disadvantaged people set up or grow their own businesses by giving them loans at commercial rates, together with business advice. We’re talking about the sort of people that banks wouldn’t give more than a few moments consideration to, before they said NO.
A local fund is created by people who have some spare cash and can lock it away for 5 years. They’ll get get a 5% tax free return on while it’s in the scheme. There’s a some risk of loss but not as great as you may think.
While people who can invest are important, a steady flow of people who want loans is also a priority. This another area where local businesses can help. If you know someone who wants to start a business and needs some financial help then point them towards Fredericks.
If you are a local business person and want to know more then please get in touch.