THE FOUNDER of an organisation that helps would-be entrepreneurs get their businesses up-and-running is encouraging people who lack the confidence and experience to make their dreams a reality to come along to one of her support groups.
Karen Davies founded Purple Shoots 10 years ago after a long career in finance. With an MA from Oxford University in geography and an MSc in economic development, Karen worked in the City of London for a large firm of accountants, following which she spent 10 years working for an investment bank and 10 years at a small manufacturing business.
Why was Purple Shoots created?
Purple Shoots was created as a not-for-profit micro finance organisation – and a registered charity – to give people the confidence and skills they need to set up their own businesses.
Karen explained why the name Purple Shoots was chosen: “This was around the time of the David Cameron and Nick Clegg coalition government when they kept using the phrase ‘green shoots’ to describe signs of economic recovery following the banking crisis of the late 2000s.
“The colour purple was chosen because it’s got a welcoming feel to it.”
Karen is supported by a team with a range of skills and with their help, she has been able to set up support groups throughout Wales and in parts of England. In the Vale, there are groups in Rhoose, Barry and St Athan.
She said: “During my long career in finance, I was regularly frustrated by having to turn down good ideas because people couldn’t obtain money or had a poor credit score.
“Purple Shoots is about tackling poverty, unemployment and financial exclusion through encouraging entrepreneurship.
“People often come to us when they’re at a low ebb in life, whether it’s because of a bereavement, a relationship breakdown or having been laid off from a job they had for many years.
“Our role is to create pathways for people who lack confidence and opportunity or can’t get money,” she said.
Purple Shoots encourages people of all ages: “We encourage people who may have an idea for a viable business, but they don’t have the know-how. For example, people who got into trouble with the police many years ago but are completely different characters now may still have their past hanging over them when applying for business loans.”
Karen acknowledged that there is an element of risk involved for her organisation. She said: “We get all our money to lend to startup businesses from private investors, foundations and donors, but we have no support from any government bodies.
“We’re able to fund business ideas on a case-by-case basis. We look at each individual and assess what they’re proposing to do. We help them gain the confidence needed to run a business and teach them skills they require.
“The support groups in the Vale and elsewhere are self-sustaining, and the people involved assist one another over a period of time.
“It’s risky because things go wrong, we’ve had business failures and it’s important to be honest about that.
“But at the same time, we’ve had many success stories. People have set up great businesses, they’re standing on their own two feet, they’ve paid back the money borrowed and we’re then able to loan the money out to help somebody else.”
Many lives have been transformed
After a decade of running Purple Shoots, Karen says that seeing so many lives transformed has been hugely rewarding: “There were some raised eyebrows when I first set it up because we were working with people who would be regarded as high risk.
“But now, ten years on, I can confidently say that what we’re doing transforms lives.
“The economic impact of our lending is 10 times the amount we lend and our social impact is huge.
“The whole team at Purple Shoots would tell you that’s what it’s all about. We’re helping people turn their lives around, fulfil their dreams and ambitions, and achieve things way beyond what they thought they were capable of,” she said.
More information about Purple Shoots can be found by visiting: purpleshoots.org
By MARCUS STEAD
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