FUNDING

Securing funding for your business can be challenging, particularly in the current economic climate, but there is some financial support availbale for certain business aspects. 

A well thought-out business plan is key to most funding applications - whether seeking grants, loans or investor funding. If, having reviewed your business plan (more information about business planning can be found here [starting a business]) you have determined that securing funding rather than changing your business practices and processes will enable you to reach your goals then you may wish to consider some of the following routes - and your business plan will be updated and ready to submit!

FUNDING SUPPORT

Better Business Finance Logo

BETTER FINANCE FOR YOU 

Better Business Finance provides impartial information and support to businesses and entrepreneurs looking to develop and grow; whether the business is seeking finance, or starting out or exporting abroad.

It was set up by Barclays, HSBC, RBS, Lloyds and Santander in 2011 and is managed by the British Bankers’ Association (BBA) in collaboration with its business and finance partners

INNOVATE UK

Innovate UK fund, support and connect innvative businesses to accelerate sustainable economic growth. They seek to drive forward innnovation in the UK and as such has a number of schemes available which are focussed on enabling and delivering business innovation which include Smart, Innovation Vouchers and Competitions. 

GREAT BUSINESS

Business is Great is a Government website with the aim of providing practical support, advice and inspiration to UK businesses. Whether you are a start-up or growing business, there is information for all which includes employment and skills, starting a business from home and financial inforamtion to name but a few. 

Start Up Loans

Have you ever dreamt of setting up your own business? Now you can with the help of a Start Up Loan. Start Up Loans are personal loans for business funding purposes. We give you the opportunity to borrow up to £25,000 at a fixed interest rate of 6% per annum.. 

PUBLICLY FUNDED BUSINESS FINANCE

This is a governement-backed which covers wider business support as well as grants and loans. It also provides finance, funding for small and medium-sized businessses and start-ups along with business support which includes mentoring and consultancy. 

FOUNDATION EAST

Traditional bank loans are also available. Foundation East is a community finance organisation for the East of England.

START UP DIRECT 

Startup Direct is a delivery partner of the Governments Start Up Loans Scheme that provides up to £25,000 in start-up funding for entrepreneurs wanting to start up a business. In addition, they provide free mentoring and extensive support through workshops and events. 

INNOVATION VOUCHERS

DIGITAL SKILLS FOR GROWTH

This is an Essex Employment and Skills programme administered by Essex County Council that can offer fudnign when you employ someone. The grant is availbale to train the person in advanced skills related to the use of digital technology. Up to £4,000 is available to train a person to develop advanced skills in digital technology and can be used on each person that you recruit.

AGE 16 to 24 GRANT

The AGE 16 to 24 grant for employers aims to support businesses, who would not otherwise be in a position to do so, to recruit individuals aged 16 to 24 into employment though the apprenticeship programme.

The Skills Funding Agency will provide AGE 16 to 24 to eligible employers, in respect of qualifying apprentices, with an individual value of £1,500.

FUNDING CIRCLE

Funding Circle has helped thousands of businesses access over £320 million, without a bank in sight. They are an online marketplace which can help businesses access fast and simple finance, whilst investors have the potential to earn better returns by lending to them. By directly connecting people and organisations who want to lend withthose who want to borrow, the complexities of the banking world are eliminated. 

PRINCE'S TRUST

The Prince's Trust can offer start up business finance if you decide to start up in business through their enterprise programme. They can provide low interest loans of up to £7,500 - some people may be eligible for business grants too.

In addition they can provide Development Awards funding to support you with accessing education, training or employment.    

FURTHER INFORMATION