News
Fredericks Oxfordshire – getting business going
Reflecting the true aims of the Big Society, the microfinance and business support group Fredericks Oxfordshire has awarded ten companies funding and business support since the launch just eight months ago.
Fredericks Oxfordshire is a social enterprise that helps start-up and expanding businesses that have been refused loans by the banks to access finance and support, allowing them every chance of success where previously they were looking at unemployment.
Local business people and entrepreneurs have been working hard to help Oxfordshire businesses to access funding along with a package of support and mentoring to give them the best possible start. Fredericks provides more than just lending, it is a complete package aimed at ensuring the funding provided is effective, achieves the business aims and is ultimately repaid. The repaid loans are then recycled to continue financing more applicants.
At the launch of Fredericks Oxfordshire in July 2011, David Cameron said: “We’re looking forward to seeing you lending money and getting business going, firing up the engines of the private sector.”
Eight months on and Fredericks Oxfordshire is beginning to pay real dividends not only to the benefactors of the scheme but also local investors. Investors lending to Fredericks Oxfordshire are receiving a 25% tax relief over 5 years through the Governments CITR (Community Investment Tax Relief) scheme. Fredericks Oxfordshire has to date loaned a total of £54,280 to local businesses and is growing faster than their more established Microfinance Hubs across the country.
Benefactors of the scheme include:
- Adam Woodley - Oxon Autos a mobile tyre service in Grove
- Gerald Baker - GCB Services, a window cleaning and handyman in Wantage
- Sue Funge - Starlight Enterprise Ltd a motivational tutoring company in Greater Leys
- Dominic Greenough - DG Professional Cleaning Services in Harwell
- Emilia Fredericks - In Style, a beauty company in Banbury
- James & Kellie-Louise Wymer – Simple Bakery Ltd in Witney
- Helen Gordon – a children’s clothes and fabric company in Brightwell cum Sotwell
- Glenville Burley – a solar panel inventor in Oxford
- Oxford Taxi company
Fredericks’ hands on support and advice has also helped Banbury Photographer Becky Moyce who originally applied for funding but didn’t require the loan as the business support provided enabled her business growth.
Becky explains: “I had approached the banks for financial help and been turned down resolutely with the response that my business was not viable. Fredericks panel members gave me fantastic and honest business advice, which helped me to redefine my business model, get to grips with my accounts and realise that it could be a success if things were done correctly. Fredericks has given me not only practical business assistance but most importantly a belief in myself and in my business and without that I would not be in the position that I am in now. In the current economic climate it is almost impossible for small new businesses to get funding from the banks and I hope that Fredericks can continue to help people like me to achieve their goals.”
Chairman of the Oxfordshire branch of the Fredericks Foundation, William Barton says: “We are delighted that we have been able to benefit so many local businesses within such a short period of time, the challenge now is to continue to raise further funding to lend to new businesses. People and businesses can lend us money, gain CITR tax relief on it and know that it is being used to help others get started in business. There really are benefits to everyone involved with the scheme.”
For further information visit www.fredericksoxfordshire.org and if you are interested in donating, investing or supporting Fredericks Oxfordshire then please contact Client Manager, Tim King on 01865 893383.
A United Partnership
26 September 2011
Oxford United Football Club (OUFC) is pleased to announce a partnership agreement with microfinance organisation, Fredericks Oxfordshire.
Launched three months ago, Fredericks Oxfordshire is a local loan fund for people looking to start or grow their business with small loans when they are unable to get traditional finance. What makes these loans different from other finance is that they come with a package of support and mentoring, to ensure the best possible future for their business.
Fredericks client manager, Tim King and Chairman of Oxford United Football Club, Kelvin Thomas have established an alliance to promote Fredericks to the OUFC supporters and corporate members.
The key driver for OUFC’s involvement with Fredericks lies in the clubs on-going drive to help benefit the local community.
The club supports numerous charities and has community officers with the sole responsibility of promoting healthy living programmes in schools.
This agreement to support Fredericks Oxfordshire further underlines the clubs strong commitment to the community.
Kelvin Thomas said: "We are happy to partner with Fredericks to the benefit of the local community and hope our on-going relationship will provide the impetus for businesses to succeed in such difficult economic times."
Tim King, Client Manager at Fredericks Oxfordshire states: “We are delighted that Oxford United has taken the decision to support Fredericks - a great new partnership has come to life. There are many ways people can get involved with the scheme ranging from fundraising, investors to mentoring, sitting on lending panels, and referring new clients. It provides an excellent opportunity for corporate businesses to develop their corporate social responsibility (CSR) strategy to maximum effect. Investors can also benefit from the Governments Community Investment Tax Relief (CITR) scheme which is available to both individuals and companies and is worth up to 25% of the value of the investment.”
Fredericks Oxfordshire Chair, William Barton who is the Business Development Officer for West Oxfordshire District Council explains: “Fredericks Oxfordshire isn’t just about lending money, it is about helping local businesses succeed. The success of this project has been a great team effort and is a splendid example of what can be achieved by working together and being committed to making things happen.”
“Fredericks Oxfordshire has not just appeared or happened by accident. It is the result of a lot of hard work and determination by a group of committed people. Significant funding and excellent support for the project has been gained from many organisations including: Beard Construction, Critchleys, Jennings, Torpedo creative marketing, Four Pillars Hotels, Blenheim Palace and Cornbury Park to name a few. We are delighted to be adding Oxford United Football Club to our long list of local supporters, yet another example of local business people and entrepreneurs giving a helping hand to those less fortunate.”
(Photograph from left to right: Kelvin Thomas, Chairman of Oxford United Football Club and Tim King, Fredericks client manager)
