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Fredericks praised by Government minister

25 March 2015

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Fredericks Foundation, which lends to start-up businesses, should be a model for others around the UK, according to a Government minister.

Chief Secretary to the Treasury Danny Alexander met entrepreneurs at Fredericks Foundation, which lends to those who have been turned down for a bank loan.

He described the charity as “a huge success story” and he told local business leaders he has commissioned research into this type of community funding, as he wants to see it expanded.

He said: “I have asked them to look in much more depth into what makes organisations like this one work so well, so we can understand what we do to make others more successful.”

Even though Fredericks lends to start-ups that banks consider too risky, Mr Alexander heard that it recovers 82 per cent of the money it loans.

Fredericks Cornwall is working together with the CCF to support small businesses in Cornwall. The CCF raised the initial funds for the Fredericks loan fund partnership, a part of our commitment to help start-up and small businesses in Cornwall. Coming up to its second year of operating in Cornwall, Fredericks Foundation have helped start 18 new businesses in our fantastic county, and 2015 is set to be even busier.

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