A quick note on Government funding…
Funding is provided to either effect some change in the economy such as create more jobs, innovation, green working, etc. or to address a market failure such as a lack of social enterprises. For this reason, criteria and eligibility is often very specific and funding may often take the form of paid for advice, zero interest loans or small grants that require a match contribution from the business. If you’re unsure whether you qualify for any of the schemes below please get in touch and we’ll do our best to help.
British Business Bank Guide to Finance
The business finance guide provides a comprehensive overview of the financing options available to growing businesses. Whatever the challenges faced, the right financing decisions are critical. For business owners and management, awareness of the choices available allows the business to make a well-informed financing decision.
This link takes you to a helpful tool that guides you through the various options for finance – Find the right finance for you
British Business Bank Enterprise Finance Guarantee
This video explains what the Enterprise Finance Guarantee is; one of the many funding options available to UK smaller businesses looking to scale up and grow.
Be UK based, with turnover of no more than £41 million per annum
Operate within an eligible industrial sector (a small number of industrial sectors are not eligible for support)
Have a sound borrowing proposal and robust business plan, but inadequate security to meet a lender’s normal requirements
Be able to confirm that they have not received other public support of state aid beyond euro 200,000 equivalent over the previous three years
EFG guarantees loans to fund the future growth or expansion of a business, from £1,000 to £1.2 million. Finance terms are from three months up to 10 years for term loans and asset finance and up to three years for revolving facilities and invoice finance.
Find public finance using the finance finder tool, or search for private finance.
Professional advisers such as accountants can help you to work out whether it makes financial sense to take on loans or investment. You should take legal advice before taking on new investment in your business.
Find a chartered accountant on the Institute of Chartered Accountants (ICAEW) website, or a solicitor on the Law Society website.
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