FranchisingWorks is pleased to announce that funding available on the FranchisingWorks Licence Fund is no longer limited to Greater Manchester, as new streams of funding open up the support to people across Northern England.
A £1 million investment from Big Society Capital means that FranchisingWorks is now able to provide an average of £10,000 for a franchise Licence Fee for people unemployed and looking to set up a franchise business with an approved franchisor anywhere in the North West and North East regions. Formerly, this funding was limited to the area of Greater Manchester. The funding involves buying the licence (or part of it) on behalf of the franchisee until the business is profitable enough to purchase it back. The funding was set up as a finance source for those who cannot access the necessary start-up costs for their franchise business by other means. We hope that it will allow capable and dedicated people to start their businesses, when otherwise they may have been impeded by finance.
FranchisingWorks Director Patrick Shine commented: “The launch of Big Society Capital will have a profound impact on the social investment market and the timing couldn’t be better with such high unemployment at the moment. We are delighted to be among the first few investees from the funds made available from unclaimed deposits. Not only will this investment help turn job seekers into job creators through FranchisingWorks, but we hope it will stimulate new models of social investment. In these tough times they may well be the game-changer we need.”