Start-ups and small businesses struggling to access finance will find more help on offer thanks to a new partnership in the Daventry district.
Daventry District Council (DDC) has donated £12,000 to Fredericks Northamptonshire, a charity project set up by Northamptonshire Community Foundation (NCF) and the Fredericks Foundation.
The new project works to provides business loans and mentoring to people unable to obtain support through conventional channels.
Fredericks Northamptonshire loaned £14,000 to new businesses in the area over the past year 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.
DDC also predicts that, because the repayments are recycled into new loans, the £12,000 donation will generate more than £35,000 worth of loans for new and expanding small firms over the next 15 years.
The council’s economic, regeneration and employment portfolio holder, Cllr Chris Over, 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.”
Fredericks was set up in 2001 by Paul Barry-Walsh, a successful entrepreneur who wanted to help others who aim 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.”