Published - Tuesday, 02 September, 2014
Start-ups and small businesses struggling to access finance will find more help on offer thanks to a new partnership in Daventry District.
Daventry District Council (DDC) has donated £12,000 to Fredericks Northamptonshire, a charity joint project set up by Northamptonshire Community Foundation and the Fredericks Foundation which provides business loans and a mentoring service to people who are unable to obtain the necessary support through conventional channels such as banks.
Fredericks Northamptonshire loaned £14,000 to new businesses in Daventry District in 2013/14 and expects demand to rise. DDC’s donation will help meet that demand, supporting up to four new businesses in the District in the coming year.
And because the repayments are recycled into new loans, it is estimated the £12,000 donation will generate more than £35,000 worth of loans for new and expanding small firms over the next 15 years.
Councillor Chris Over, Economic, Regeneration and Employment Portfolio Holder, said: “There are lots of people out there who have excellent business plans in place but who struggle to get their ideas of the ground because they cannot secure funds from the banks.
“Fredericks Northamptonshire offers help to those people and we are delighted to support their work in Daventry District. This funding will give start-ups and small businesses the assistance they need to grow, supporting the District’s business economy and developing new job opportunities.”
The Fredericks Foundation was set up in 2001 by Paul Barry-Walsh, a successful entrepreneur who wanted to help others who aspire to run their own business but are unable to obtain the necessary support to do so.
Richard Lindley, Client Manager for Fredericks Northamptonshire, said: “I would urge small businesses and self-employed people within Daventry who need business funds to contact us as we are experienced in helping many people across the county.
“I’d also like to thank Daventry District Council and the Northamptonshire Community Foundation who work in partnership with us to enable this to happen.”
The £12,000 grant has been awarded from DDC’s Second Homes Fund. This funding has come from the reduction of the Council Tax discount on second homes from 50% to 10% across the county.
An agreement between Daventry District Council and Northamptonshire County Council has resulted in a pot of money being available to support local community projects and initiatives in the district.
Councillor Alan Hills, Community, Culture and Leisure Portfolio Holder at Daventry District Council, said: “The Second Homes fund is designed to help initiatives like this and I’m pleased we have been able to give our support. The grant will go a long way toward helping small businesses in Daventry, not only this year but for years to come.”
For more information visit www.fredericksfoundation.org/northamptonshire or phone 01604 866447.