Follow Us on Facebook Follow Us on Twitter Follow Us on Google+ Follow Us on Pinterest Follow Us on Tumblr Visit our YouTube Channel Subscribe to our Feed Subscribe via FriendFeed

Connect With Us

UK Entrepreneurs Now Have More Financing Options

by Jim ONeil on July 20, 2011

in uk loans news

Last week, two statistics were publicized that indicate that UK businesses may need financial help in order to grow. Economic recovery is slower than anticipated, according to the British Chambers of Commerce.

The entity commented that additional support is especially needed by firms in the private sector.

In addition to this, the banking sector announced research showing that up to 15 percent of businesses had recently applied for new loans and overdrafts or renewed those in existence. The positive aspect of this situation is that more loan applications are being approved because banks are again beginning to lend.

Seventy-two percent of the recent UK business loan and overdraft applications have been approved.

New businesses can find the funding they need through the Starting a High-Growth Business or Intensive Start-Up Support Funds. The first fund is intended for individuals who plan to start their business within six months or companies who have been in existence for no more than six months.

It provides mentoring and consultative support, process and product development guidance, and assistance with market research and financial planning.

The Intensive Start-Up Support Fund provides companies in business for less than six months with help overcoming barriers to beginning a new business. Assistance is provided in the areas of branding, corporate identity, product development, e-marketing, e-commerce, financial planning, and business planning. Support is also available regarding other aspects of starting a business.

The Innovation, Advice and Guidance Fund is another option and is designed for companies trying to innovate and remain competitive. Innovation through evolution of an existing process or product or development of a new one is one of the best ways to grow a business.

Positive results of innovation include cost reduction, increased productivity, and improved competitiveness. Availability of this funding depends on business size, industry sector, location, and purpose of the financing.

Comments on this entry are closed.

Previous post:

Next post: