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Funding
Apart from the banks, finance might come from any number of sources including:
Not only are there any number of awarding bodies but the funding available changes frequently and is often very different not only from one part of the country to another, but even between parts of the same town or city. All avenues of raising finance for your business will require detailed business planning, Salford Hundred Venture will help to develop and present your plans, look at the Business Planning page of this site and contact us to discuss your requirements. This page gives a run down of the more commonly available funding in the Manchester area and links to other sites for more information; it is kept up to date regularly to ensure the most current details are available. Banks The obvious place for raising business finance, either through loans or overdraft facilities. Banks take a commercial view of the risk in funding your business based on the company's track record, trading position, security and the business plan you place before them. It is more
risky for the bank if you are just starting in business and/or have
little security; hence it is often harder to raise money this way when
starting up. At Salford Hundred Venture we have excellent links with the major banks that will discuss your requirements in an informal atmosphere, contact us to arrange an appointment.
Wage Subsidy To assist small firms in offsetting the costs of taking on staff, there are schemes run by Salford and Manchester councils. The assistance takes the form of £64.80 per week subject to a £144 minimum wage for 20 weeks. In addition to the funding there is assistance in advertising the positions and recruiting. There are some requirements to consider in order to apply for this scheme, try the website (http://www.salford.gov.uk/business/edunit/sec.asp) for more details and contact information. Security Grants Obviously a major issue for all small firms, there are schemes available to both advise on and fund improve on your current security arrangements. The funding can cover CCTV, fencing, alarms and other measures for full details try http://www.salford.gov.uk/business/edunit/support.asp The amounts available for this very popular scheme are currently as follows Retail
business, a maximum £500 or 50%, whichever is the lower. Equally useful is the free advice on security measures available via the local authority, contact them via the website (http://www.salford.gov.uk/business/edunit/support.asp) to make an appointment. Salford Money Line A loan scheme operated through Salford Council as an alternative to using banks. This is open to new and existing firms in the Salford area, amounts available can be as much as £25,000. To apply for the scheme you will need application forms and a business plan. For further details visit the website http://www.salford.gov.uk/business/edunit/money_line.asp and apply for application forms. Salford Hundred Venture can help you develop your business plan; contact us to arrange an appointment. Chapel Street The Chapel Street area of Salford is undergoing a major period of regeneration with small firms being encouraged to start and relocate there, new buildings being erected, landscaping and residential redevelopment. There are numerous initiatives for small firms moving into and starting in the area, from security to rent assistance and capital grants. For further information or to discuss your plans, contact us or visit http://www.salford.gov.uk/business/edunit/chapel_street.asp
If your business is based in the Manchester Council area, there are a number of schemes, which may be of assistance in developing your business. Salford Hundred Venture can help you develop your applications and business plans, but in the first instance, to identify the schemes most relevant to you visit the websites of:
DTI Assistance As an integral part of the government's approach to fostering business growth, the DTI has a wide range of services available, remember Salford Hundred Venture can help with all your applications, but first try the website (http://www.dti.gov.uk/support/index.htm) to see if there are any initiatives relevant to your firm. Prince's Business Trust The Prince's Trust can provide financial assistance and support for clients aged between 18-30 who wish to start up in self-employment. The support is aimed at those clients that are unemployed, under-employed or of limited means. They can provide a low interest loan up to £5000 and in some cases a grant to fund essential start up costs. In addition The Prince's Trust can provide other types of support for young people aged between 14-25. To find out more visit the Trust's website on http://www.princes-trust.org.uk.
For former members of the armed services starting a business, the Royal British Legion runs a small loan scheme of upto £5000 at preferential interest rates. For further details visit http://www.britishlegion.org.uk/welfare3a.cfm
There are numerous other schemes that may run via Europe or central government, to find out more try www.j4b.co.uk a site that keeps a current database of these initiatives. Further
to the above avenues of assistance there are many other ways to address
a shortfall in finance and cash flow, these may be as simple as credit
cards or factoring or as involved as venture capital. To discuss managing
and raising finance for your business, contact us to arrange an appointment
or use the Forum
to tap the knowledge of other business people. Contact us to arrange a free, no obligation appointment with one of our specialist business advisers. |