News

Charity Approves £87,500 in Interest-Free Loans

Charity Approves £87,500 in Interest-Free Loans

The Sir Thomas White Loan Charity is delighted to announce a total sum of £87,500 of interest-free loans were approved, following the Charity’s final round of interviews with prospective borrowers for 2016.

The figure from the final quarter takes the grand total delivered in loans for the year to an impressive £375,000.

One of Leicestershire’s oldest charities, the Sir Thomas White Loan Charity – based at Leicester’s Friar’s Mill – provides people aged over 18 and under the age of 35 with business and education loans, which are interest-free over a period of nine years.

Of the £87,500 approved in December, £70,500 is to be used to establish or enhance new businesses within Leicestershire and Rutland. New businesses that will benefit from their loan include an online estate agent, a textile design agency, a company providing rental of classic camper vans, an eventing livery yard, and a business specialising in homeware gifts and stationery.

In addition to the five new businesses, an addition ‘top-up’ loan was approved to help the development of a yoga studio based, which caters for women at various stages in life, including pregnancy and post-partum classes with parents and babies.

David Howard, Chairman of the Sir Thomas White Loan Charity, said: “As with every quarter, we’re pleased to be able to help a number of aspiring business owners make the dream of becoming their own boss a reality – and needless to say, our Trustees were impressed with the business plans put forward by all of the successful applicants, which provided a diverse range of new businesses to support. As we are with all of our previous borrowers, it’s also a pleasure to help further the development of existing businesses that have utilised the Charity previously too.

“With 2017 fast approaching, I would encourage any entrepreneur looking to launch their own business in the New Year to get in touch with the Sir Thomas White Loan Charity. Our loans are unique; they are completely interest-free for nine years and the monthly equal repayments don’t commence until after three years. Whatever the business, provided there’s a thought-out business plan accompanying the application, we will be open to the prospect of providing support.”

In addition to the sum approved for businesses, a further £17,000 was approved in interest-free education loans, which will be used to allow graduates to continue their studies for a post-graduate degree.

The first round of interviews with prospective borrowers in 2017 takes place in February, with the deadline for applications for this window being Friday 20th January. To register for an application form, email info@stwcharity.co.uk