The Sir Thomas White Loan Charity has approved 11 interest-free loans in their second quarterly application window, totalling £140,900 which will be used to establish or develop a new business in Leicestershire, or allow for individuals to study at postgraduate level.
One of the city’s oldest charities, The Sir Thomas White Loan Charity – established in 1542 – provides loans of up to £20,000 to aid the start-up or development of businesses within Leicester, Leicestershire or Rutland, and loans of up to £10,000 to aid local students’ postgraduate study anywhere in the world.
All loans are completely interest free for nine years, with a three-year break period at the start of the term before equal monthly repayments are made over a six-year period, making them a unique offering to entrepreneurs and students in Leicester.
Of the total sum issued following June’s interviews with applicants, £113,400 will be used to develop eight businesses or ventures across the county including animation, illustration and film companies within the creative industry, a children’s clothing retailer, mortgage consultancy and sports professional.
Meanwhile, a further £27,500 was approved to aid the funding of three postgraduate students’ study in social work, engineering and animal manipulation.
Chair of Trustees, David Howard, said: “The range of business ideas we receive applications for never ceases to amaze us as Trustees. We’re once again delighted to have been able to approve a number of loans to help 11 young people fulfil their aspirations, whether it be through entrepreneurial ventures of study.
“The ratio of approved loans to those turned down on this occasion was also very high, highlighting not only the quality of business ideas received, but the commitment we have as a charity to helping young people achieve their goals. Only three of the 11 business loan applications weren’t approved this quarter.
“We have a substantial sum of money available for young people to access, so I would encourage anybody looking to start their own business or wishing to study beyond undergraduate level to get in touch to request an application pack.”
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