A group that provides loans to start up businesses that have been refused money by the banks has helped 10 firms since launching in Oxfordshire eight months ago.
Microfinance and business support group Fredericks Oxfordshire supports local companies and entrepreneurs in accessing funding, as well as providing mentoring and help to get businesses off on the right foot. Assuming the business is successful, the loans are repaid and recycled to more start-up firms.
Fredericks Oxfordshire has to date loaned a total of £54,280 to local businesses, investing in companies that include a mobile tyre service in Grove, a beauty company in Banbury, and a bakery firm in Witney.
Banbury photographer Becky Moyce approached Fredericks for funding but eventually didn't require a loan as the support helped her business to grow. She said: “I had approached the banks for financial help and been turned down resolutely with the response that my business was not viable.
"Fredericks panel members gave me fantastic and honest business advice, which helped me to redefine my business model, get to grips with my accounts and realise that it could be a success if things were done correctly."
Chairman of the Oxfordshire branch of the Fredericks Foundation, William Barton, said: “We are delighted that we have been able to benefit so many local businesses within such a short period of time, the challenge now is to continue to raise further funding to lend to new businesses."
