Entrepreneurs and startups in need of funding may be able to launch their small business thanks to a charitable lender. Based in Suffolk, Foundation East capitalises small businesses that might otherwise languish without the funds needed to reach new levels of success.
Small businesses across Bedfordshire, Cambridgeshire, Essex, Hertfordshire, Norfolk and Suffolk are eligible to request up to £100,000 in funding. Companies can either be existing businesses seeking ways to grow or start up firms that need help getting started.
On most small business loan applications the credit rating of its owners is scrutinised. Those with prior personal credit challenges are often denied loans from banks and other traditional capital lenders. Foundation East takes a different approach.
This lender focuses on other aspects of the loan application to make a decision. This means that owner experience, strength of business plan, profit projections and impact that the business will have on the local economy are more important factors of the overall loan request.
Plans that will boost employment are of special importance. The organisation wants the business to have a positive impact on the local economy.
A successful loan application will be one that convinces reviewers that the operation will be viable. Realistic cash flow projections can improve the chances of a loan approval.
Businesses may request loan funding for a variety of needs. These can include rent for a new business location, salary for support staff, equipment and even goods for resale. These are some of the purposes that Foundation East approves.
Unlike the regular high street bank that lends money to businesses, a business owner who has a checkered credit history may still gain acceptance if the merits of the loan application are strong enough. The reason for this is that Foundation East is a charity that reinvests profits back into the community.
The profits made from interest on one loan are used to offset losses on a failed business. Surplus profits are then loaned back out to new businesses rather than being distributed to owners. The organisation also courts investors seeking socially responsible investments. This charitable mentality has helped hundreds of young firms already gain a foothold that they might otherwise miss out on.
Small business owners and future entrepreneurs are especially encouraged to apply if they have already been turned down by a high street bank. Helping this “forgotten” group of business owners is the primary objective of the organisation. More information is available at the Foundation East website, and enquiries may be directed to 01284 757777.
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