New honeypot for start-up businesses refused bank loans
In these straightened times start-up Havering businesses need all the help they can get.
Now a special trust, Foundation East, is offering �50,000 loans to those unable to secure cash from High Street banks.
“We know that finance is crucial for successful small businesses whether it’s when starting or when ready to expand which is why we offer loans of up to �50,000 for such businesses,” said Richard Glinn of Foundation East speaking at Essex FSB (Federation of Small Businesses) Voice of Business Briefing in Harlow, Essex.
“Businesses may be turned down for bank lending for a wide variety of reasons but a common problem is a poor credit score. Foundation East does not use a credit scoring system for its small business loans.
“Instead, the applicant must be able to provide a strong business case for the loan, supported by the necessary documentation and financial detail.”
To apply for the loan candidates must complete an application form, which will be reviewed by a local manager before being considered by a panel of experts.
“That commitment to looking at the real viability of the business is what makes us different from the High Street banks and why we are finding an increasing demand for our services,” said Richard.
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Essex FSB chairman, Iain Wicks, said he was “impressed” by the Trust’s ideas and encouraged people to get onboard.
“Accessing finance is one of the major challenges facing entrepreneurs looking to start a business or expand an existing business as far too often High Street banks are refusing such finance or imposing such punitive conditions that the loans on offer strangle rather than support a small business.”
More details are available at www.foundationeast.org
The Essex Region of the FSB represents small businesses in the areas covered by Essex County Council and the London Boroughs of Havering and Redbridge.
More information can be found at www.fsb.org.uk/essex