This good news message from Foundation East is loud and clear. The Community Finance Institution has funds readily available for existing and start up businesses in the East of England that have been refused by a bank.
Richard Glinn, Marketing and Membership Manager says;
‘ I recently attended a business conference at which a group of well known and extremely successful business proprietors all stated that a business idea coupled with drive and passion should become reality irrespective of economic conditions. Businesses that arise out of adversity are often the strongest’.
‘Our aim is to support people with sound business plans at the outset or when they need additional support. Key Performance Indicators include jobs created and jobs saved. A poor credit rating does not rule out an application. A success in Foundation East is defined as returning our clients to mainstream banking. Our focus is much more than providing a loan. We want to ensure realistic planning and long-term viability.’
Foundation East has loaned in excess of three quarters of a million pounds to small businesses in the past year with a growing proportion of this coming from recycled capital and membership contributions.
‘There is a strong theme with our clients’, says Richard. ‘Many have seen and grabbed the opportunity to change their lives and make an ambition a reality. Bankers and entrepreneurs are not the same. One of our posters sums it up with the words ‘Just because the bank says no does not mean your business can’t grow’.
Foundation East is a not for profit organisation that offers loans of up to £50,000. The money is borrowed on terms which allow early repayment without penalty. The funds can be used for a wide range of purposes including training and the purchase of equipment and vehicles. The new ‘safety net’ loan, which covers the gap between the delivery of orders and payment, is proving very popular.
Foundation East has recently published their latest Annual Review which highlights many of their most recent success stories. It is available on their website and copies can be posted on request.
For more information, the application process and the annual review visit www.foundationeast.org
Richard Glinn can be contacted on firstname.lastname@example.org