Foundation East lends money to businesses based in eastern England. The company has been offering financial and practical support to a variety of enterprises since 2004 and in the past five years over 200 loans have been provided totalling in excess of £3.5 million. These loans have created or safeguarded 769 jobs.
This vital work will continue partly due to new support from the Regional Growth Fund. £3.1 million is available and will be utilised over the next three years to assist existing and start-up companies develop and evolve. To qualify for a loan, businesses must be based in Bedfordshire, Cambridgeshire, Essex, Hertfordshire, Norfolk or Suffolk. Loans can be used for any business purpose, including asset purchase, working capital, growth, diversification and to support cash flow. Foundation East will lend alone or alongside banks or other financiers.
Richard Glinn, Marketing and Membership Manager stated;
'We look to support companies that have been unable to obtain funding from more traditional lenders. A poor or no credit history or lack of security does not necessarily mean that we are going to reject an application. Our Business Loan Managers are much more interested in the business plan, the passion and the drive to succeed and every case is appraised on its own merits. The current Annual Review is available as a 2013 desk calendar. It features the story of one client per month and has the strap line 'Extraordinary Support for Exceptional People'. That is no exaggeration. '
START-UP LOANS FOR YOUNG PEOPLE
This government initiative was launched earlier this year by Lord Young and James Caan. It offers young people aged between 18 and 24 the opportunity to obtain a loan for up to 5 years at 6% interest together with free business mentoring in order to start their own business. Foundation East are a delivery partner for the scheme in eastern England and they are receiving applications and approving loans now.
More information is available at www.18-24.co.uk or on 01284 757772