Government Funding

 

If you are thinking about starting a new business or already have a business and looking for additional funding, you have come to the right place.

The government is pledging to help SME’s through the stages of startup and growth. There is currently a range of funding for small businesses to check out.

 

Regional Growth Funding (RGF)

 

If you are a business looking for funding less than £1 million, you can apply for support through RGF programmes. These schemes can offer grants or loans which are run by national and local organisations.

So far there has been £1.7 billion allocated to RGF programmes and the schemes have supported more than 9,400 small and medium-sized businesses.

To be eligible for RGF you need to be based in England and show a growth plan, including how you are going to create or protect jobs and are you going to be investing private capital.

To see the list of current RGF programmes and funding options please click the following link

Business Start-Up Loans

 

The government also provides initiative loans, mentoring and support for startups or businesses in early stages with great potential, but unable to attract investment from high street banks.

To be eligible for a start-up loan businesses must be yet to launch or trading for less than 12 months. The scheme also provides free business planning to ensure applicants are in a strong position to receive funding on average around £6,000. The loan will be determined by your business plan so it’s worth getting this right before applying (interest on repayments is a fixed rate at 6%).

For more information on Start-Up loans please follow this link 

 

Government Grants

 

Small business grants are available through the Scottish Parliament, the Welsh Assembly and the Northern Ireland Assembly. Every grant provider has its own process and criteria requirements. Please follow this link to a helpful tool which will help you find funding opportunities. 

 

UK Export Finance (UKEF)

 

The idea behind UK Export Finance is to help UK exporters by “underwriting” bank loans which have been offered to overseas buyers of services and UK products. Banks are more likely to offer UKEF because it means the risk of the loan is taken by the bank, so they are more likely to offer it.

UKEF can also help UK exporters raise contract bonds, raise tenders and also access working capital finance. To take advantage of export insurance your business needs to be based in England and your buyer overseas. If you would like to learn more about UKEF please click the following link 

 

Business Finance Partnerships

 

The government has a budget of £1.2 billion for the business finance partnership. The scheme has been designed to diversify the sources of funding to small and medium-sized businesses. Check out the following link for more information.