- Advertisement -
Friday, 4 December 2020

CHARITY TODAY AWARDS

Government has failed to step in and provide necessary support, says charity

- Advertisement -
FREDERICKS Foundation, a registered charity and responsible finance provider, has announced the availability of funding that will act as a lifeline to charities and social enterprises suffering from income loss due to the COVID-19 pandemic.

The organisation has made funding available to charities and social enterprises of any size that have been unable to access grants or funding from any government emergency schemes on the back of COVID-19.

The third sector has faced significant challenges in light of the pandemic but without the same government support that was offered to businesses. Analysis by Pro Bono Economics, an independent charity, suggests that over the next six months that the sector could be set to lose over £6bn in funding. Large charities such as the National Trust, Age UK and Cancer Research UK have all reported concerning losses, but smaller charities are likely to be damaged even further, with a fifth of small charities expecting an income reduction of more than 50% over the next six months. This comes at a time when the demand for charitable services is increasing and the knock-on effect could be devastating.

Duncan Parker, Chief Executive of Fredericks Foundation said:

“1-in-10 charities are expected to close this year due to fundraising falling off a cliff on the back of COVID-19 and the complete failure of the government to support them. At the same time, most charities have seen a huge rise in demand for their services.

“Something has to give and we felt we had to help. We hope that offering accessible, responsible, not-for-profit loans to support charities through these tough times will offer welcome relief.”

Fredericks will provide loans of up to £50,000 to charities and social enterprises that have been established for at least two years. The loans will have terms of 1-3 years and an interest rate of 12%, unless they are asset-backed, in which case the interest rate will be between 8%-10%.

Fredericks Foundation is responsible finance provider that offers loans to people who want to set up, maintain, or expand a business but would usually be excluded from mainstream credit schemes. They support successful applicants long after a loan has been granted through mentoring, practical business advice, and networking support. The foundation’s mission is to build a society based on dignity not on handouts by giving individuals the tools and opportunity to reshape their lives for the better. They create choice, not charity.

Sign up to receive full FREE access to charity news and special sector offers.

We don’t spam! Read our privacy policy for more info.

- Advertisement -
- Advertisement -

Stay Connected

1,381FansLike
1,834FollowersFollow
30,324FollowersFollow
1,200SubscribersSubscribe

Must Read

Dementia UK Launches ‘Only together’ campaign

'Only together,' the charity's first-ever influencing campaign, highlights the low level of specialist support currently available to families affected by dementia, and how access to quality care could...

Charities busy preparing for launch of UK Charity Week

UK Charity Week is fast approaching - and people, businesses, charities and organisations from all over the UK are being encouraged to get involved...

Employment News

COO Jerry Robinson to move on from leading youth charity YHA

YHA’s Chief Operating Officer Jerry Robinson has announced he is to step down from YHA (England & Wales) at the end of the year,...

New chair of national youth charity OnSide Youth Zones

YOUTH charity OnSide Youth Zones has appointed tech entrepreneur Charles Mindenhall as Chair of its board of Trustees. Since it was founded in 2008, OnSide...

Four new Trustees join Dame Kelly Holmes Trust Board

DAME Kelly Holmes Trust has announced the appointment of four additional Trustees who joined the Board on 20th November 2020. Catherine Baker, Helen Donovan, Martin...

Related News

Nim Design: Opening the door for charities to unlock brand potential

NIM design is a graphic design agency based in London. They specialise in annual reports, infographics, print and digital publications, collaborating with global and...

Charity web design specialists Fat Beehive Ltd Certifies as a B Corporation

THE charity web design specialists Fat Beehive Ltd has announced its certification as a B Corporation (or B Corp), joining a growing group of...

NHS nurses raise thousands for their patients

As if treating ill children wasn’t enough – a group of NHS nurses are going above and beyond to raise thousands of pounds for...

Great Britain wheelchair basketball star, Sophie Carrigill becomes patron

SHEFFIELD-based Sophie Carrigill, the Great Britain wheelchair basketball co-captain at the 2016 Rio Olympics, has today, on the UN International Day of People with...

VIDEO | UK Charity Week makes Embrace’s single its campaign theme tune

A charity single, written in lockdown to raise money for Embrace Child Victims of Crime, has been adopted by UK Charity Week 2020 as...
- Advertisement -
X