10 Top Tips for Access to Business Funding Support
Fiona said “The Private sector is key to getting the country successfully out of the challenging economic situation inherited from the last government. The former director of the CBI, Lord Digby-Jones has said “without businesses there are no taxes and without taxes there are no schools or hospitals.” It is heart-warming to note that over half a million new private sector jobs have been created by businesses over the past year. So business people are playing their part – and as I know, it is terrific hard work to run a business and make it work, especially in difficult economic times like these when every piece of work is hard won and every pound hard earned. So I pay tribute to the part local business people are playing and it is right that Government plays its part too, which is why these measures are so important. I am very keen to ensure that eligible businesses in my constituency and in the wider Cheshire region are fully aware of these funding and business support, job creation, and mentoring opportunities.”
1. UK Export Finance: Provides trade credit insurance to exporters and guarantees to banks to support UK exports. The Chancellor’s December Statement announced UKEF would provide up to £1.5billion in loans to finance small firms’ exports. Further information can be found at: www.ukexportfinance.gov.uk
2. Enterprise Finance Guarantee (EFG): Provides up to £2bn of additional lending to SMEs. Budget 2012 announced measures to incentivise lenders to lend more to smaller businesses by raising the level of lenders’ EFG portfolios to which the Government guarantee applies. Further details can be found at: https://www.gov.uk/government/publications/enterprise-finance-guarantee
3. Enterprise Capital Funds: Provides for more than £300m of venture capital investment to address the equity gap for early stage innovative SMEs. Eleven funds have been launched since 2006 and more than £150m invested in companies. Further details can be found at: http://www.capitalforenterprise.gov.uk/portfolio
4. Business Finance Partnership (BFP): Provides funding to help businesses access non-bank finance through the BFP. It has allocated £100m to invest through non-traditional lending channels that can reach smaller businesses, which could include peer-to-peer platforms and supply chain financing. Further details on BFP can be found at : http://www/bis.gov.ul/business-finance-partnership
5. Advanced Manufacturing Supply Chain Initiative (AMSCI): Provides funding to improve the global competitiveness of UK advanced manufacturing supply chains. Following £125m for two rounds, the Chancellor’s December Statement included £120m for two further rounds of the AMSCI. Details will be announced shortly on how to apply. www.gov.uk/bis
6. StartUp Loan Scheme: Provides advice and start-up finance (around £2500) for 18-30 year olds looking to start and grow their own businesses. Further details can be found at: http://www.startuploans.co.uk
7. Business Angel Co-Investment Fund: Provides a £50m Fund to invest with syndicates of business angels who are interested in investing in SMEs in qualifying areas of England. Further details can be found at: http://www.angelcofund.co.uk/
8. GrowthAccelerator: Provides help to up to 26,000 SMEs achieve their high growth potential over three years. Working with an experienced coach, qualifying businesses will receive a focused growth plan, master classes, networking and peer-to-peer support. Further details can be found at: http://growthaccelerator.com/
9. New Enterprise Allowance: Provides help for unemployed people who want to start a business, with an emphasis on sustainability and growth potential. It is available to people aged 18 and over who have been claiming Jobseeker’s Allowance for three months or more. Further details can be found at: http://www.dwp.gov.uk/adviser/updates/new-enterprise-allowance/
10. Get Mentoring: Provides SMEs with access to mentors who can support and guide the development of businesses. Further details can be found at: http://getmentoring.org/
