Tag Archives: Regional Development Agencies

Do You Know About These Grants For Small UK Businesses?

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Metanym Web Design Milton Keynes have talked to many businesses faced with the task of finding help/ financial support/ guidance and funding in today’s challenging economic environment can find it a struggle. However, we often don’t open our eyes and ears to realise that free support, local grants and matched funding are available on our doorstep!

So did you know about:

Sustainable Routes Grants: A matched funded grant of up to £1000 towards reducing your travel costs : www.sustainableroutes.co.uk
The Carbon Trust: Scheduled to launch a new Energy Efficiency Scheme for UK businesses later this month: www.carbontrust.co.uk/cut-carbon-reduce-costs/products-services/financing/pages/financing.aspx
Envirowise/ Wrap: Helping you to remain compliant with environmental and waste issues and avoiding any nasty expensive fines! http://envirowise.wrap.org.uk/
The Leader programme: A source of funding for farmers, foresters and other small rural businesses and community groups up to £50,000. www.leader-programme.org.uk
Local Authority Grant/ matched funding programmes such as those provided by Aylesbury Vale District Council: £ 3000 for Start Up Businesses and £ 5000 for Existing Businesses, to encourage business development and growth www.aylesburyvaledc.gov.uk/business
Leadership and Management Advisory Service: matched funding of £1000 for fast growth potential enterprises www.skillssoutheast.co.uk/leadership-and-management.html

Manufacturing Advisory Service. Help for manufacturers including subsidised consultancy ; www.mas.bis.gov.uk
Regional Development Agencies ( RDA’s www.englandsrdas.com ) before they wind down and hand over to their replacement and currently evolving Local Enterprise Partnerships ( LEP’s) www.communities.gov.uk/localgovernment/local/localenterprisepartnerships
The Enterprise Finance Guarantee Loan Scheme, where the Government underwrites 75% of the loan for viable businesses, that have repayment capability but cannot obtain bank finance on standard terms due to lack of security. www.businesslink.gov.uk/bdotg/action/gsdDetail?itemId=1081834978

Most providers of Grant/ matched funding support will need you to have in place a Business Plan and Financial Projections. You may be expanding your business or starting a new business for many reasons. Your financial backers i.e. the banks are interested in their investment. To them, the core of the business plan is represented by the financial projections which must include income statements, balance sheets, and cash flow projections. These statements must convince your backers of at the very least two very important details: your business will generate enough cash to firstly repay your backers and secondly fuel your incentive to succeed. You do this in a distinct section of your business plan for financial forecasts and statements. The financial section of a business plan is one of the most essential components of the plan, as you will need it if you have any hope of winning over investors or obtaining a bank loan. Even if you don’t need financing, you should compile a financial forecast in order to simply be successful in steering your business.

Metanym Website Design Milton Keynes would like to thank Graham Hall (Your Business Buddy and Local debtDr) Aifs/ACIB
(Associate of Institute of Financial Services formerly Chartered Institute of Bankers) who kindly provided this information for me. Graham can be contacted via his website for any help or advice you may want after reading this: www.grahamyourbusinessbuddy.co.uk

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The Basics Of Grant Finance

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Every new business needs some finance on the stage of setting up. You will need to purchase all the necessary equipment and also your workplace will need to be set up as well as you will have different marketing expenses. But do not think that everything stops here. When you are officially set up and your business begins to make money you will need not to forget to pay all your business bills and your staff wages.

When time comes to finance needed to set up your business there is a plenty of different options available. And one of these options is grant finance. So what is it – grant finance? It is some of the money is given to individuals as well as to businesses for a specific project or purpose.

However, grant finance covers only the part of the expenses involved in your business project, but the money that is given to you does not need to be paid back. Grants are designed to help businesses with specific aspects of the business development and they are available from different sources like government, European Union and variable regional development agencies. These grants are given to the business only for some specific reasons and there are a number of different factors that could affect for obtaining this grant such as your business activity, your specific business industry sector. Sometimes the certain geographical areas which are in great need of economic regeneration, could also affect on the getting the grant.

Originally, it is very difficult to gain the business grant and there is a certain amount that is available to the business every year, so as you can understand, the competition for these business grants is very hard. It is why in the case you want to use the business grant for starting your own business, you must clearly outline what the grant will be used for and how it will benefit your business and what the most important how it will benefit the local community. Also you will need to clearly show that the specific project you are going to start for has not already started to take place and that you have the needed sum of money needed for your specific project in addition to the granted money because as you remember the grant covers only the part of expenses associated with the setting up a business.

Usually the grant covers from 145 per cent to 50 per cent of the total expenses associated with implementing your business project, so you will need to have the rest of the money. In the case you obtain the business grant and you do not have the rest of needed amount of money or you have already started your business project, you will be made to pay the grant back in full because you are breaking the terms of the business rant.

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