Fredericks Somerset Helps Stimulate The Economy

	Pictured; Clare Chapman, Accountant

Business leaders from across Somerset attended the launch of a project to provide urgently needed financial support for enterprise in the county. The launch of Fredericks Somerset took place at Taunton Racecourse on Tuesday 2nd February 2010.  Chairman Paul Barry-Walsh gave a straight-talking speech about why he started Fredericks Foundation, demonstrating the cost effectiveness of a loan fund in stimulating enterprise, with benefits to health and social cohesion.

Chief Executive Charles Dodwell spoke about the saving to the economy - each of the 100 jobs generated saves the Exchequer £5m over 3 years. Fredericks Foundation has helped establish over 600 businesses since it was set up in 2001. The launch was attended by West Somerset Council and Somerset County Council which have both helped finance the fund, as well as representatives from Somerset and Taunton Chambers of Commerce.

Fredericks Somerset will have a locally run Advisory Board and many of the audience came forward to offer help and support  inspired by presentations from clients who have already benefited from Fredericks loan finance, having been turned down by their bank. Decision making Lending Panels will also be sourced from Somerset businesses, but it was stressed that these in no way resemble a ‘Dragon’s Den’ experience.

Pictured, left to right; Vicky Robinson, Paul Barry-Walsh, Jane Barry-Walsh, Annie Popham

Taunton Racecourse proved to be the perfect venue for the meeting and guests enjoyed lunch and an afternoon of racing having been entertained beforehand by Tom Scudamore from the successful racing stable of local trainer David Pipe. The third race of the day was the aptly named Fredericks Foundation Beginners’ Steeplechase sponsored by Paul and Jane Barry-Walsh who presented the prize to the winner (King’s Forest owned and bred by Mr R J Lavelle and trained by Miss E C Lavelle.  Paul and Jane also chose the Best Turned Out horse (number 4 – Quartz de Thaix).