The work of a Woking-based charity that provides small businesses with loans has been recognised with a European microcredit award for its good practices.
The Fredericks Foundation, which received a European Code of Good Conduct for Microcredit Provision earlier this month, provides small business loans to people excluded from mainstream credit.
The microfinance charity, founded in 2001 by Paul Barry-Walsh, a successful IT entrepreneur, says its loans aim is to give individuals the opportunity to transform their lives with dignity – rather than through hand outs.
The European Code of Good Conduct for Microcredit Provision (ECoGC) provides a set of standards in terms of management, governance, risk management, reporting, and consumer and investor relations that are common. These standards are for the benefit of customers, investors, funders, owners, regulators and partner organisations.
It made the award following an extensive audit and review process where every aspect of the Foundation was tested, Fredericks scored highly and received the award on 4 February 2019.
Duncan Parker, CEO of Fredericks, said ‘We are thrilled to have received this affirmation from the European Microfinance organisation. We strive to provide a great service for our beneficiaries and donors and this will give them much confidence in us as the relationship is one built on trust and integrity. I’m delighted for my team at Fredericks as it’s a huge ‘well done’ recognising both their professionalism and especially their passion, commitment and hard work.’
Fredericks Foundation, a member of Woking Chamber of Commerce, has helped create over 1,600 companies and has granted loans of over £5 million. For more information visit www.fredericksfoundation.org