They also offer low cost business finance to 18-30 year olds as delivery partners for The Start Up Loan Company to encourage self employment.
Fredericks Cambridgeshire, which launched last October, is part of the Fredericks Foundation, which was founded in 2001 to loan funds to people who wanted to start up a new business, but could not get a bank loan.
Carol McCunn, client manager for Fredericks Cambridgeshire, said: “We want to help people to set up in business or sometimes grow their business. This is something that is particularly relevant at the moment when regular finance can be hard to obtain at a fair price.”
The money for the Fredericks loan scheme is being raised by Cambridgeshire Community Foundation and will only be lent to businesses in Cambridgeshire.
Applicants can borrow up to £10,000, but sometimes up to £20,000 is lent to established businesses who want to expand.
Carol McCunn said: “The idea is to help people who have enthusiasm and viable business ideas, but may not yet have established a track record to make finance readily available.
“The business is good for them and also good for the community. The scheme creates jobs for people. We make sure we think businesses will work before we advance the money.”
Fredericks Cambridgeshire has already held five lending panels and helped eight new businesses. One of the successful applicants is Natasha Parsley (pictured), owner of Tranquility, who has just opened her new salon offering therapeutic beauty care in the centre of Chatteris after receiving a start up loan from Fredericks Cambridgeshire.
The lending panel is made up of experienced volunteers, including bankers and accountants as well as entrepreneurs who sit monthly.
More information is available at www.fredericksfoundation.net/cambridgeshire
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