Government Financial Support and Advice
The best way of finding out about the financial support and advice available to you in your local area in England is to contact Business Link. It delivers impartial, expert and practical business advice to people planning to set up in Business or who want to improve their business’s performance and direction. A number of Government departments, particularly the Department for Trade and Industry, provide support schemes for business – we summarise the main schemes below.
Call the Business Link helpline on 0845 600 9 006
or visit:http://www.businesslink.org
To find about the support and advice available if your business is in Scotland, Wales and Northern Ireland, you should contact these organisations providing services equivalent to those of Business Link:
Lowland Scotland
Small Business Gateway
0845 609 6611
http://www.sbgateway.com
Highlands and Islands
Highlands and Islands Enterprise
01463 234171;
http://www.hie.co.uk
Wales
Welsh Development Agency
0845 7 96 97 98
http://www.wda.co.uk
Northern Ireland
Invest Northern Ireland
02890 239090
http:/www.investni.com
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Government Funding Schemes:
To find out more please speak to Business Link or the equivalent organisation in Scotland, Wales and Northern Ireland (see above).
Enterprise Grants
Enterprise Grants are available to small and medium sized businesses operating or planning to start up in ‘Assisted Areas’ and other specified areas of England. Grants up to a maximum of £75,000 are available to help with the the costs of capital investment projects which may involve expanding, modernising or restructuring an existing business or setting up a new business. In general, high growth businesses seeking to maximise value added projects with quality outputs are given preference. See www.businesslink.org/enterprisegrants
Regional Selective Assistance
Regional Selective Assistance (RSA) is the Department of Trade and Industry’s (DTI) main instrument of direct financial assistance to business. Grants are discretionary on projects with fixed capital expenditure over £500,000, and which create or safeguard jobs in the Assisted Areas.
Innovative Idea & Research and Development Grants
The challenge for companies is to bring to the market a stream of new and improved, added-value, products and services that enable the business to achieve higher margins and thus profits to re-invest in the business.
Innovation – the successful exploitation of new ideas – incorporating new technologies, design and best practice is the key business process that enables UK businesses to compete effectively in the global environment.
http://www.innovation.gov.uk
Phoenix Fund
The Phoenix Fund is designed to encourage entrepreneurship in disadvantaged areas. The Fund will help these new businesses by providing assistance to business support providers and finance to Community Development Finance Institutions. There is also a venture capital fund for SMEs in certain parts of England as well as Loan Guarantees.
Incubation Fund
The main aim of this loan fund is to help improve the chances of survival and growth of start-up and early stage SMEs through increasing the availability and access to business incubation and by funding the development of more business incubation projects. It is also aimed at widening the access of business incubation to all those who wish to start-up in their local communities, and who would benefit from it.
Small Firms Loan Guarantee Scheme
The Small Firms Loan Guarantee scheme guarantees loans from the banks and other financial institutions for small firms that have viable business proposals but who have tried and failed to obtain a conventional loan because of a lack of security. http://www.businesslink.org/sflgs
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UK High Technology Fund
This fund is managed by Westport Private Equity and is a ‘Fund of Funds’. The fund has begun to invest in venture capital funds specialising in the provision of equity for early-stage high-technology SMEs. The Government has invested £20 million in the UK High Technology Fund alongside a further £106 million from corporate investors and the European Investment Bank. The Commercial Funds Manager makes all investment decisions.
Contact: Westport Private Equity on: 0121 456 1771
E-mail: info@westport.uk.com
Venture Capital Funds:
The Government has launched a series of Regional Venture Capital Funds in England to provide risk capital for amounts up to £500,000 to SMEs who show high growth potential. The funds are managed by experienced venture capital professionals and are commercially focused, making commercial returns.
Further information can be found on http://www.businesslink.org/regional-venture-capital-fund
Bridges Community Development Fund
This fund provides venture capital funding to firms which are in the 25 per cent most deprived areas of England and which can show meaningful interaction with their local economy.
Contact: Bridges Community Ventures: 020 7262 5566
http://www.bridgesventures.com
Business Angels
Business Angels are usually wealthy individuals who invest in new and growing businesses in return for a share of the equity.
Contact: National Business Angels Network 020 7329 2929
http://www.angelinvestmentnetwork.co.uk
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Skills and Training
Career Development Loans
Career Development Loans help people from a wide range of backgrounds pay for vocational learning or education courses. You can get a loan of between £300 and £8000 to pay for up to 80 per cent of the course costs.
For more information on training and development, contact your Business Link (see above) or Learning and Skills Council: 0870 900 6800
http://www.lsc.gov.uk
Help with Exporting:
There is a range of help if you intend to export products or services. The Government’s export agency, Trade Partners UK, offers training, information and advisory services to help you get the best possible start to exporting:
Contact.
http://www.tradepartners.gov.uk
08457 600 9 006
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