Advertising executive and one of the UK's 'most influential people in media' Trevor Beattie has launched an interest-free microloan fund called The Bank of Mum and Dad to protect the 'financially excluded' from the loan shark industry.
Beattie, who founded the Jack and Ada Beattie Foundation in memory of his parents that adheres to their life-long held principles of fair play, care for the vulnerable and getting the job done, says: "We think this is an idea whose time has come. We live in a land where money lenders make money off the same vulnerable people our Foundation is trying to support.
"We don’t aim to eradicate global poverty, or reverse global climate change by next Wednesday. We fight small, but equally important battles. Backing achievable ambitions and assisting the vulnerable of the Midlands and London. We fight people’s corners via grants to those most in need. We think of what we do as "guerilla caring".
"Jack and Ada are no longer with us, but their indomitable spirit and dignity in the face of financial adversity most certainly is. And that is why the Jack And Ada Beattie Foundation feels that the time is right to introduce our very own, very special, loan scheme for those most in need of it:
"Much has been made in the media of late, of the mythical ‘bank of mum and dad’. It’s become a phrase which sums up the parlous state of reliance of so many members of our society. A lost generation with the dubious prospect of being the first ever to grow up poorer than their parents. And who remain financially reliant on their parents.
"Payday loans have become the curse of the working class. The APR on a payday loan can reach over 4,000% a year. They charge too much and care too little.
"Into this landscape comes The Jack And Ada Beattie Foundation’s Bank of Mum And Dad. Interest-free, charges-free, bank-free loans for people who need them most. 12 months to pay back. And the sooner the loan is paid back, the sooner it can be passed on to someone else in need of dignified financial help.
The loans will be paid directly to suppliers of goods and services and can be used for things like deposits on flat rentals or for white goods.