A CHALGROVE-BASED charity which lends to business start-up is so good it should be a model for others around the UK, according to a Government minister.

Chief Secretary to the Treasury Danny Alexander met entrepreneurs at Fredericks Foundation, which lends to those who have been turned down for a bank loan, during a whistle-stop tour of the county yesterday.

He described the charity as “a huge success story” and he told local business leaders he has commissioned research into this type of community funding, as he wants to see it expanded.

He said: “I have asked them to look in much more depth into what makes organisations like this one work so well, so we can understand what we do to make others more successful.”

Even though Fredericks lends to start-ups banks consider too risky, Mr Alexander heard that it recovers 82 per cent of the money it loans.

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Mr Alexander also visited the Said Business School, Oxford Science Park-based bio-science firm Oxford BioMedica and Begbroke-based Solid State Logic, which makes hi-tech sound mixing equipment and generates 93 per cent of its turnover from exports.

He added: “I think a lot of people look at Oxford differently and realise it has this thriving business and digital base.

“The university, with its science, engineering and tech is really important.”