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Foundation East

What they do

Foundation East lends up to £100,000, to businesses and social enterprises operating in any sector, for any legitimate and ethical business purpose.

Interest charged on a loan from Foundation East ranges from 9.5% to 19% per year. The interest rate charged to an enterprise reflects the considered level of risk involved in investing in it.

Foundation East

Foundation East was established in 2004 following research undertaken by the University of Salford to investigate solutions to reduce the barriers to finance for Small businesses located in the eastern region.

Loans

Foundation East lends up to £100,000, to businesses and social enterprises operating in any sector, for any legitimate and ethical business purpose.

Interest charged on a loan from Foundation East ranges from 9.5% to 19% per year. The interest rate charged to an enterprise reflects the considered level of risk involved in investing in it.

Research has confirmed that small and medium sized businesses, especially early stage businesses even with a viable proposition, are not being fully serviced by mainstream providers. Access to finance remains a challenge for many despite the large growth in the alternative business funding sector, which is operating in competition to a bank’s offering.

Foundation East has a comprehensive website and potential borrowers are able to apply for a loan online using an efficient platform. Developed with the customer in mind, the platform allows customers to enquire about eligibility and rates, enables them to apply on line and securely upload documents. The platform uses open banking technology and responsible finance sector bespoke credit assessment tools to make the decision process efficient whilst ensuring the relationship nature of our lending is at the forefront.

Security is sought for any value of loan, but if there is no security available, certain loans can be underwritten using the British Business Bank’s Enterprise Finance Guarantee scheme (EFG), for which Foundation East is accredited. For every loan issued using the scheme, 75% of the unrecovered amount can be reclaimed. The level of support is capped at 15% of the amount loaned in any one year. The guarantee does not remove the risk for lenders but significantly reduces any losses. For more info on EFG visit their website.

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