Investment & Fund Management
which was able to offer her a loan backed by the European Investment
Full Credential Description
Yvonne Slough, an entrepreneur from Surrey, England, faced significant challenges in securing financing for her innovative business, My Slouch, which specializes in manufacturing and retailing eco-friendly, glow-in-the-dark indoor and outdoor furniture. After returning to the UK from living abroad, Yvonne encountered difficulties obtaining loans from traditional banks due to her lack of a credit history, which led to repeated rejections.
To overcome this barrier, Yvonne turned to Fredericks Foundation, a Responsible Finance Provider, which was able to offer her a loan backed by the European Investment Fund (EIF) through the EU Employment and Social Innovation programme. This financial support was crucial for Yvonne, enabling her to purchase the necessary materials to begin manufacturing her unique product. She expressed that without this loan, she would not have been able to continue running her business.
As a result of this tailored financial solution, Yvonne has successfully launched her product and is currently managing the production process independently. She has plans to expand her business and hire additional help in the future, demonstrating the positive impact of the EIF's microfinance initiative on her entrepreneurial journey.