Frequently Asked Questions
- 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.
- 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 - the duration is normally between 2 and 5 years dependent on the size of the loan.
- Is there a penalty should I wish to pay it back early?
No.
- How do I know what the loan repayments should be for my cashflow?
If you telephone the Fredericks offices we will be able to offer you guidance.
- I have never done a cashflow before I may not do 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.
- 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.
- How soon do I start paying back the loan once it has been awarded?
Repayments start the month after the loan has been drawn down.
- How is the loan repaid?
After a loan is awarded the successful applicant receives a Loan Agreement giving full details of the monthly payments. When they agree to these a direct debit mandate is sent to them to sign and forward to their bank who will set up a monthly direct debit from their business bank account to Fredericks Foundation.
- What happens if I cannot make my payment one month?
You should telephone us as soon as you know you may have a problem, if you are ill for example and are unable to work. 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!'