Launch of Fredericks London
Fredericks Foundation and The London Community Foundation have come together to start a new lending ‘Hub’ for London. Loans of up to £5,000 will be available for disadvantaged Londoners who cannot access regular bank loans, to start businesses which will lift them out of poverty and welfare dependency.
The partnership is backed by the Department of Business, Innovation and Skills. For every £1 of private money raised, the government will boost that with a further 80p to cover the running costs of the London Hub.
To pump prime the London Hub, Fredericks Foundation and The London Community Foundation are looking for donors to invest in the pot of money which will be loaned out (again and again and again) to turn people’s entrepreneurial dreams into realities. Support is also needed from volunteers who will undertake a variety of roles including: sitting on lending panels; providing facilities such as rooms; providing training or workshops; and mentoring successful clients.
“Since 1995, The London Community Foundation has been providing financial help to organisations helping disadvantaged Londoners to find employment and to leave poverty and welfare support behind. We are now delighted to be working with Fredericks Foundation to build up a new source of loan finance for entrepreneurial individuals who are struggling to turn their dreams into reality”
Sonal Shah, Executive Director, The London Community Foundation
“For nearly four years, Fredericks has been looking to launch its services in London. It has to be said we have kissed a lot of frogs but now I am delighted to say that we have found a substantial partner that not only shares our values, but our services complement each other marvellously - The London Community Foundation”
Paul Barry-Walsh, founder, Fredericks Foundation
Published on 04 May 2012
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