Latest news with #KarenDavies
BBC News
27-05-2025
- Business
- BBC News
Banks urged not to 'label' people with poor credit scores
A low credit score should not stop someone from getting a loan to start a business, a community lending charity founder has Davies, who founded Purple Shoots to provide credit for people turned away by mainstream lenders, said banks were "missing out a big talent pool".Tiffany Bramley, whose bank rejected her request for a loan to re-start her business after her daughter died, said banks "tend to just label people and that needs to change".UK Finance, which represents the financial services sector, said the banking and finance industry was "on course to provide over £60bn" in finance for small businesses in the UK this year. Ms Bramley was running her business in the south of England in 2014 when tragedy with her pregnancy meant she had to have an emergency Caesarean at 32 weeks and her baby, Tianie, died."It was like walking through hell," said Ms Bramley, who then moved to Cardiff to be nearer to friends and with the grief of losing Tianie, and organising the funeral, meant that Ms Bramley missed a few payments on her financial commitments which affected her credit rating. But Ms Bramley was determined to re-start her business."It's like a firework that goes up and just scatters - that's how my life had just exploded," she said."I needed to restart the business to feel like I had some control over my life again."Ms Bramley was rejected by her bank when she applied for a small loan, even though they were "sympathetic"."They tend to just label people and that needs to change," she bank instead suggested she contact Purple Shoots."That's when I met Karen," she said. "She was the one who gave me that hope and believed in me."Ms Bramley borrowed £3,000 to re-start Tiff's Cleaning Angels in Cardiff and has successfully paid off the loan. Since it began 12 years ago, Purple Shoots has supported nearly 1,000 new businesses with loans of up to £5, the year 2023-24 the charity gave 69 loans creating 104 new jobs, often in deprived communities."We're looking at the person and what they're like," said Mrs Davies."And we're looking at the business plan and whether it's going to be viable."She accepts the approach is high risk because her clients are "starting with absolutely nothing but our loan"."So if something goes wrong it will impact their ability to repay," she than half of Purple Shoots' borrowers will be behind on their loan payments at some point, said Mrs Davies, "and we always accommodate that because we want them to succeed"."But the actual failures are much lower" at around 20%, she Davies said the effects could be "transformative"."People who've been struggling on benefits can create an income", start paying tax and benefiting the economy, she added. 'A poverty premium' Sam Rex-Edwards, from Finance Innovation Lab, a charity which campaigns for reform of the financial system, said she wanted to see mainstream lenders make affordable lending more accessible to those with low credit was calling for a "fair banking" law that would place obligations on banks and other lenders to offer more support to those who struggle to get credit at the moment."Too many people are having to pay a poverty premium through using high-cost credit like payday loans," she said."And too many small and medium-sized businesses can't flourish because they're also refused credit from High Street banks."There was some government backed support for small businesses from the British Business Bank and the Welsh Development Bank which both offer micro-loans for business British Business Bank said it had provided "5,165 loans worth over £53m to start ups in Wales since 2012".A UK Finance spokesperson said: "Last year we saw an increase in the amount of lending to small and medium enterprises in Wales, as well as more loan applications being approved."Banks also support other organisations, like non-bank lenders and charities, which help businesses that find it challenging to access mainstream finance."We are also working with government, regulators and business groups to help even more businesses access the finance they need to grow."
BBC News
16-03-2025
- General
- BBC News
Telford Victorian museum creates calm room with sensory toys
Visitors to a museum who need some time out for peace and quiet can use a room set up as a calm Sunflower Room at Blists Hill Victorian Town in Telford has been created for people with special educational needs and disabilities, health conditions, and parents who need to breastfeed or bottle-feed children in a quiet museum in Shropshire recreates everyday life in 1900 and includes Victorian shops, cottages, crafts, trades and is part of the Ironbridge Gorge Museum Trust, which worked with local charity Parents Opening Doors to create the quiet space and was funded by donations from five organisations. The room has comfortable seating, sensory toys and equipment, sensory tents, ear defenders and baby changing mats, plus other Nelson, community engagement manager, said: "We are thrilled to offer a calm space where our visitors with additional needs can take some time out. "Providing the Sunflower Room is one way in which we can be more inclusive and support our local communities."Karen Davies, the museum trust's interim chief executive, added that it would make a big difference to visitors and ensure that everyone felt are still being raised for the facility to continue to improve the room. The project has been selected by the Co-op as one of the causes its members can support this year by voting for it to receive bags for visitors with special educational needs and disabilities arrived in December for the annual festive events at the included ear defenders, pop fidgets, spiky light-up balls, squeeze balls and a wooden kaleidoscope, and they are designed to soothe visitors who may be stressed, anxious, or agitated from sensory overload. Follow BBC Shropshire on BBC Sounds, Facebook, X and Instagram.
