Frequently Asked Questions
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Why do you ask about my assets and liabilities on the Business Plan form?
We need to assess your overall financial circumstances to ensure you have exhausted all other avenues for raising the finance you require as well as establishing the amount of debt you have outstanding.
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Should I send my application form in before I have completed my business plan?
No. Send the completed application form, business plan and the required documentation in together.
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What is the duration of the loan?
The terms and structure of any loan offer will be entirely at the discretion of the funding panel - most loans are agreed for repayment over 2 to 3 years though the term may be shorter or longer depending on the size of the loan and the circumstances applying. -
Where do I send my completed application?
The areas we cover are listed here. Click on your home County and the address for the relevant office will be shown. -
How do I know what the loan repayments should be for my cashflow?
Telephone us (01276 472722) and we will be able to offer you guidance.
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I have never done a cashflow before. I may not get it right. What should I do?
Have a shot at it with the information you have available. The Client Manager will help you to refine it.
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How long does the funding process take?
This varies very much according to how much information you still have to research following the initial review of the business plan, and how quickly this is done. A funding meeting can be arranged within a four week time span once all the information requested is obtained and all paperwork is up to date.
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Is there a penalty should I wish to pay it back early?
No.
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How soon do I start paying back the loan once it has been awarded?
Normally repayments start the month after the loan has been drawn down but can be later if your cashflow forecast shows this is required.
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How is the loan repaid?
If you are successful and a loan is awarded you will receive a Loan Agreement giving full details of the monthly payments and loan term. If you wish to accept the loan you should sign and return the relevant copy of the agreement together with the direct debit mandate that accompanies the loan offer. This will be forwarded to your bank who will set up a monthly direct debit from your business bank account to Fredericks Foundation.
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What happens if I cannot make my payment one month?
You should telephone us as soon as you know you may have a problem so we can agree any amendment to the scheduled payment.
We will do everything we can to help you, but you should always remember we cannot help if we do not know there is a problem. The key thing is: 'keep in touch!'
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Can I get funding for a course I need to do?
Unfortunately we are unable to fund for training or education.
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Will I have a better chance of success if I get someone else to write my business plan?
No. It must be your own plan. It may need refining and further questions answering, but if so we will guide you with this. We will not pay for the writing of the plan as part of your loan. If you pay a third party to write your plan this will count against you.
