Last week, the Business Secretary, Vince Cable, announced details of a £110 million funding package, which has been designed to revive a crucial part of the economy, whilst stimulating small business lending.
The latest scheme based on peer-to-peer lending follows the Funding for Lending Scheme, which came into force earlier this year, and has recently started to see cheaper credit flow into the real economy.
However, the Funding for Lending Scheme, and the peer-to-peer lending scheme announced by Vince Cable last week are not the only two alternative funding scheme available to SMEs.
Instead, small businesses can benefit from a number of schemes, including the BIS-funded “growth accelerator” support; and a scheme run by Business West and funded by the European Regional Development Fund.
The BIS- funded growth accelerator support scheme provides businesses with access to access to £3,500 worth of expert advice, support and hands-on assistance from an experienced mentor, who will work to deliver the support required by the business.
Each of the services offered within the BIS-funded scheme are tailored to each business, and cover: commercialisation of new or improved products & services; business development; identifying and accessing sources of finance; and developing leadership skills.
Similar to the BIS-funded scheme, Business West are currently running a scheme which offers one-to-one, hands on assistance in a variety of business areas included strategy & business planning; identifying new channels and markets; developing new products and services; raising finance and developing your leadership and staff.
Meanwhile, businesses within the manufacturing sector are able to benefit from a Product Development Centre programme, which is new for December 2012 and provides a forty percent subsidised grant support towards commercialising new products &/or processes.
For businesses who are looking to expand and grow their current reach, but aren’t sure how to or the financial implications, myself and the team at Milsted Langdon can assist – and we can also provide you with honest advice in regard to schemes such as those mentioned above, and others which you maybe eligible for.
Accountant, Jon Stocker, specialises in offering advice, support and guidance on matters involving personal tax planning, business decision-making and business start-ups.