Provoke their generosity by giving tax incentives for their work. One of the leading IT entrepreneurs of the UK, Paul Barry-Walsh set up the Fredericks Foundation which is the leading micro-finance organisation in the UK. They have given 600 loans to those who have fallen by the wayside whether through crime, drugs, disability or life choices. The Fredericks Foundation saves millions for the UK government because it moves individuals from a cost to society to taxable micro-entrepreneurship and the correlating income to the government's coffers. Each of the Fredericks entrepreneurs then - by their example in their families and neighbourhoods - sets examples of business transforming lives. As Barry-Walsh says, "pure and simple, business is the answer." Set people like Paul Barry-Walsh loose to find more ways to tackle social problems by facilitating his work, encouraging of him and people like him to give of their time, money, intelligence, and leadership abilities.

 

Privately-backed social enterprise is a hot area where many leading entrepreneurs are flocking whether it's Hoult's Yard in Newcastle, or DoTheGreenThing out of London, or Bono's JoinRed led by Seb Bishop, the founder of Espotting, or JustGiving which is transforming charities. Not only do entrepreneurs know what to do to fix social problems, they do it and they do it effectively on less money.

Fredericks Foundation was set up in 2001 by Paul Barry-Walsh, a successful entrepreneur in his own right who wanted to help others who aspire to run their own business but are unable to obtain the necessary support to do so.

Fredricks Foundation helps disadvantaged people to develop business confidence, realise their potential and contribute to society economically. The charity's mission is to provide critical business support and services to those with nobody else to turn to when starting their own businesses.

With practical and proven solutions Fredericks Foundation is geared to help convert creative ideas into working business plans. To date Fredericks has started more than 500 businesses. Small test marketing grants help clients to evaluate their business ideas followed by 'micro funding' in the form of business loans at low rates of interest. The Foundation offers all the support required through the key implementation stages for up to three years. It is crucial that businesses are sustainable both for the individual entrepreneurs and for the recycling of Fredericks Foundation capital funds.

'Commercial leaders and those who have been fortunate have a social responsibility to share some of that luck - the irony is that they will get as much from it as those they help.'

Paul Barry-Walsh, Founder of Fredricks Foundation

Importantly the work of Fredricks Foundation does not benefit just the disadvantaged and the Foundation's share-holders, there is a wider social value and not just in terms of promoting social mobility. Every year, with the approximately 100 people being supported, the Foundation is estimated to save the government and the taxpayer about £3m. Those savings to the public purse come off the back of an average loan of just £3,000.

As a result of the economic downturn, as well as helping the long-term unemployed, Fredericks Foundation has further branched out to assist existing companies in need of finance who are unable to obtain it from their bank.

The charity is funded in a number of different ways, including substantial donations from its founder on a regular basis and has received funding from the European Social Fund and the Phoenix Fund. Fredricks Foundation further encourages wider social enterprise through working with a number of affiliated businesses who annually donate 1% of their profits as well as giving up some of their time in support of the work of Fredericks.

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