09/07/11…Small businesses get an extra helping hand

SMALL businesses in southern Oxfordshire can now get extra support following the launch of a new charity hub.

Fredericks Oxfordshire is the latest Fredericks Hub to open in the south of England offering loans, mentoring and advice to those businesses whose applications for finance have been turned down by banks and other lenders.

The support that Fredericks offers is different from that of normal financiers in that at each stage of the application process the applicant works with Oxfordshire Business Enterprise advisors to present the best possible business plan. The plan is then presented to a panel of local business people who make the decision on whether a loan should be granted.

Once a loan has been approved the business works with professional mentors to address any early issues and ensure the best possible future.

The emphasis is on the individual behind the business, providing a friendly process aimed at nurturing successful businesses across the county.

The Fredericks Foundation was set up in 2001 by Paul Barry-Walsh, a successful entrepreneur in his own right who wanted to help others who aspire to run their own business but are unable to obtain the necessary support to do so.

As a result of the economic downturn, as well as helping the long-term unemployed, the Foundation has branched out to assist existing companies in need of finance who are unable to obtain it from their bank.

The charity is funded in a number of different ways, including substantial donations from its founder on a regular basis.

Over the years the Foundation has been in receipt of funds from the European Social Fund and the Phoenix Fund. They also have a number of affiliated businesses that annually donate one per cent of their profits as well as giving up some of their time in support of the work of Fredericks.

The new Oxfordshire hub was launched at an event on 17 June at Blenheim Palace which was attended by Prime Minister David Cameron and more than 250 business representatives from throughout the county.

Cllr Elaine Ware, Cabinet Member for Economic Development at Vale of White Horse District Council, said: ?This is a welcome boost to small businesses throughout Oxfordshire that are just starting up or looking to expand.?

Cllr Judith Nimmo-Smith, Cabinet Member for Economic Development at South Oxfordshire District Council, said: ?During the current economic climate the more help and guidance that businesses can get the better. There are many business owners who have everything in place to be a real success but just need that extra bit of financial assistance.?

For further information visit: www.fredericksoxfordshire.org