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Celebrating last year's crop

13th May 2016 By Katy Ford in Business loans

So, apart from creating and safeguarding jobs, reducing benefit claims, improving lifestyles and services and facilitating the provision of both chocolate and beer, what did Foundation East do for you last year?

With the last financial year accounted for, I wanted to give you a sneak preview of how we, your local Responsible Finance provider and Mutual Society, helped excluded entrepreneurs set up or keep going last year. 

During the financial year 2014 – 2015, Foundation East made loans to 70 organisations in 8 counties. In total, we lent £1,840,871 and created or saved 281 jobs. As explained in a previous blog, for every £1 we spend, we create an average of £15.68 in economic impact[i]: so that’s an estimated total of over £7m in local economic impact created during the course of last year.

Those we helped directly ranged from: a carpenter in Essex, to a college in Hertfordshire; a chocolate making social enterprise benefitting young people with autism in Cambridgeshire, to a pub chain in Northants - plus a whole spectrum of enterprises in between.

Those we help indirectly include everybody within the communities these businesses serve. Why?  Because, as explained in more detail here, the many positive social and economic outcomes achieved through delivering finance to excluded SMEs across the East of England, include:

  • Creating employment
  • Safeguarding employment
  • Reducing social security and other benefit claims (so increasing money in the public pot)
  • Increasing the confidence of those gaining or staying in employment and their families (and associated well-being benefits)
  • Improving the skills of those in employment, enabling them to contribute more to the local economy and ultimately to be ‘mainstream finance ready’ 

We’ll be celebrating the success and the positive impact of some of those we helped in future blogs, including:

But why not click through and take a look at their sites now, so that the next time anyone asks you what Foundation East did for their community last year, you’ll be sure to know?

 


[i] Economic Impact achieved using 2013/14 lending data http://www.foundationeast.org/about-us/social-accounts.aspx

  • About the Author
    Katy Ford

    Katy Ford

    Working for Foundation East since its inception in 2004, Katy became Chief Executive in 2009. She had previously held the position of Treasury Manager for a large insurance company. In this role, she was responsible for developing and maintaining relationships with banks and investment houses on behalf of corporate clients, as well as the treasury team. Before this Katy ran a small hotel, an experience that enables her to understand the challenges faced by Foundation East’s SME clients.