£50,000 to be invested into Surrey start-ups

Surrey County Council (SCC) has announced that it will be investing £50,000 into helping local start-ups get off the ground and expand.

SCC is working together with the Fredericks Foundation, which currently lends to people that have previously been turned down for a bank loan.

The funding will be used to help call on the charity’s expertise to aid nearly 20 businesses that have excellent start-up ideas but not the capital to launch within their first year. It’s hoped that the money will also aid other smaller companies as they try to develop.

It’s also hoped that more than 25 people will be assisted in finding work through the Surrey Hub scheme and that general business advice will be available for new and recently launched companies in the area.

Danny Alexander, Chief Secretary to the Treasury, last month highlighted the Fredericks Foundation as a great example of ‘community funding’ and launched research into how their financing model could be expanded to try and help more UK-based businesses.

Peter Martin, deputy leader for Surrey County Council, said:

“Local businesses are the lifeblood of every community – if they thrive, we all prosper.

“Our approach is about everyone pulling together as one team, whether we’re a charity or a council, for the benefit of Surrey and this scheme gives entrepreneurs with great ideas who might not otherwise get the help they need the chance to boost our economy and create jobs.”

Chairman of the Fredericks Foundation Paul Barry-Walsh added:

“Fredericks Foundation is delighted to be working with Surrey County Council to support people with good ideas for enterprise, but without the finance to make them happen.

“We want to work closely with all the local organisations who provide support and to champion passionate business people.”