News : Valerie Moore
Finance
Easy to use for individuals and professional advisers for sources of grants and availability of benefits.
Turn2us is part of the Elizabeth Finn Care Group. This new, free, easily accessible website has been designed to help people find appropriate sources of financial support.
Whether an individual or a professional assisting those who may need help, it can be accessed by all and includes
1. a grant search containing some 3,500 grant-giving charities (national, regional and locally) that may be able to provide financial support and other services.
2. a benefit checker that can help people ensure that they are receiving all the welfare benefits they are entitled to.
3. an on-line enquiry services and applications to grant-giving charities
4. information and interactive tools covering a wide range of subjects on welfare benefits, grants and managing money.
There is also a free e-learning resource for intermediaries; designed for anyone working with people in financial need. It explores how to use the benefit checker, types of support available and how to use the grants search. Also available are free workshops. Dates and info at http://www.turn2us.org.uk/about_us/newsletterfeb10.aspx
They are also available by telephone 8am to 8pm Monday through Friday on 0808 802 2000.
On line you can also sign up for their newsletter.
I would suggest definitely one for your “Favourites” list.
For Other Financing Ideas
Also on this website (www.valmoore.co.uk) go to “Resources” and then to “Grants & Funding”.
Whilst not “the be all and end all” for all your financing needs, it may help and I would be interested to know of any successes or other sources that can be added to the list. Email me at val@valmoore.co.uk
Put this on your “Favourites” list as well !!
www.direct.gov.uk
This is the Government’s website – an access portal – for information on most of the government services and includes such headings as
. motoring
. parents
. education & learning
. employment
. young people
. home and community
. disabled people
. travel and transport
. pensions and retirement
. caring for someone
. crime and justice
. environment and greener living
. health & wellbeing
. government, citizens and rights
. Britons living abroad
AND
. money tax benefits
which is about various benefits which can be found at http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/index.htm
Not a lot about grants – but some information at http://www.direct.gov.uk/en/Hl1/Help/YourQuestions/DG_10027120
www.businesslink.gov.uk
Business Link is the Government’ access portal for all business related matters and has a wide range of information on business, including funding.
www.smallbusiness.co.uk
Provided by Vitesse Media Plc. this large website (sometimes a little out of date) has good information on starting and running a small business. It says of itself
“We offer free online advice in the form of news articles, guides, tips and features that can point you in the right direction to start and run your own small business. You can also use our Q&A Forum to ask questions to our panel of experts, leave comments and discuss the listed topics (but) … we cannot offer individual business advice over the phone or by email.”
It too includes a section on funding. Start at http://www.smallbusiness.co.uk/channels/small-business-finance
And Finally
What I Wrote in October 2009 (to save you going back to it)
Free Government Money ?
No – not really; more access to finance, loans and guarantees. Enterprise Finance Guarantee Scheme: Early Growth Funds: Regional Venture Capital Funds: Big Business Refit: Capital Enterprise Fund: Bridges Social Entrepreneurs Fund: Working Capital Scheme: Grants and Support Directory from Business Link
Research says (!) that 56% of small businesses are unaware of the financial government help that is available to them. There must be a very ignorant part of the business world somewhere – as most of the small businesses I know of are usually quite well aware of what it out there – not a lot – and where there is help available, it can be difficult to access.
However every little helps so let’s look at what is available
Enterprise Finance Guarantee Scheme
This has replaced the Small Firms Loan Guarantee Scheme – or at least given it a new name. The main differences seem to be that it is geared towards bigger, medium sized businesses, than small businesses
- loans guarantees have increased from £250k to £1m
- businesses with turnovers upto £25m are eligible – up from £5.6m.
One change that may be useful is that EFG loans can be used to convert an overdraft into a loan (remember that overdrafts are repayable anytime the bank says so – loans are “more secure” funding).
EFG loans are “…. available to viable businesses that in normal circumstances would be able to secure lending from banks but who cannot secure bank lending in the current times”. Back to the banks to make that final decision then ?!
A list of the 27 lenders involved in the scheme can be found at http://www.berr.gov.uk/whatwedo/enterprise/enterprisesmes/info-business-owners/access-to-finance/efg/page50162.html
Further information from Business Link at http://www.businesslink.gov.uk/bdotg/action/gsdDetail?type=GSD&itemId=1081834978
Early Growth Funds
Funding available of upto £50k for all small businesses in the early stages of growth (Encouraging Risk Funding for Start ups!) for
- innovation
- knowledge intensive businesses
- other growth businesses
For more information and contacts to access the funds go to http://www.berr.gov.uk/whatwedo/enterprise/enterprisesmes/info-business-owners/access-to-finance/early-growth-funds/page37491.html
Regional Venture Capital Funds
These provide “risk capital finance” of upto £500k to SMEs who “demonstrate growth potential
For more information and your local regional contact go to http://www.berr.gov.uk/whatwedo/enterprise/enterprisesmes/info-business-owners/access-to-finance/regional-venture-capital-funds/page37596.html
Big Business Refit
A new scheme from the Carbon Trust offers expert advice and interest-free loans to Small Businesses (a small business here is defined as under 250 employees and a turnover of less than £42m!).
The loans are to be used for replacing old equipment with newer, more energy efficient models – with the intention of cutting companies energy bills.
For more information and how to apply go to http://www.carbontrust.co.uk/energy/takingaction/about-loans.htm
Capital Enterprise Fund
This provides equity finance to SMEs with investments upto £2m to those companies that “…. have potential to provide a good commercial return”.
I am not sure that it still is in operation as the last information I can find on how to go about bidding is dated April 2008. This can be found at http://www.berr.gov.uk/files/file45483.pdf
Bridges Social Entrepreneurs Fund
Only recently announced is another new £5m investment fund for social enterprises.
The fund will be matched by individuals, foundations and institutions and should (!) improve access to risk capital for new and growing social enterprises that “deliver a high social impact” (what ever that means!).
More information at http://www.bridgesventures.com/social-entrepreneurs-fund and also at http://nds.coi.gov.uk/Content/detail.aspx?NewsAreaId=2&ReleaseID=406677&SubjectId=2
Working Capital Scheme
This scheme is directed at banks as it gives them the government’s guarantee against 50% of the banks’ lending portfolio. It is intended that the £20bn of guarantees will ensure working capital lines of credit, so that current loans to businesses are not reduced or withdrawn. It is also intended that this will then free up capital that banks must use for new lending.
I can’t say that I have seen much evidence of it !
For a fact sheet go to http://www.seeda.co.uk/global_competitiveness/business/business_support/docs/workingCapitalSchemeFactsheet.pdf
Grants and Support Directory
The Grants and Support Directory on the Business Link website allows you to search for potential sources of help with starting up or business development. The database contains grant and support schemes from central and local government as well as private organisations. Some of the schemes offer financial assistance, while some offer free or subsidised services ranging from advice through to practical involvement with projects. While many schemes are available nationally, some are targeted locally. Depending on your location, type of business and what you need the funds for, you may be eligible for a number of schemes in the Grants and Support Directory
Start at http://www.businesslink.gov.uk/bdotg/action/gsd?r.li=1075226155&r.l2=1075193173&r.pp=13&r.l1=1075193156&furlname=support&furlparam=support&ref=http%3A//www.google.co.uk/search%3Fhl%3Den%26source%3Dhp%26q%3Dgrants%2Cfor%2Csmall%2Cbusinesses%26meta%3D%26rlz%3D1R2ADFA_enGB341%26aq%3D8%26oq%3Dgrants&domain=www.businesslink.gov.uk