|
Sources
of Business Finance
New
businesses need finance to cover the cost of equipment and expenses
before sales generate enough cash to make the operation self
supporting. Whilst most small businesses start up with
capital from the owners themselves, there are a number of other
sources of finance available to business in North Antrim.
Start
a Business Programme
This
Invest N1 project, delivered by your local enterprise agency
offers free business advice,
training and a small grant is available .
Your allocated Business Advisor will also write a Business Plan
for youi, which is accepted by all major banks and building
societies.
Invest
NI
Invest
NI offer business advice and a variety of different grants,
depending on the nature of your business. It is worthwhile
to contact your local office to find out if your business would be
eligible for support. Contact the North Eastern Regional
Office on 028 2564 9215.
Enterprise
Northern Ireland Loan Fund
A
partnership of funders (Enterprise NI, Invest NI, International
Fund for Ireland and the European Union) can provide unsecured
loans from £500 upwards with flexible repayment terms. The
loan fund can be accessed through us here at Acorn The Business
Centre.
Banks/Building
Societies
Altogether,
the banks lend about £40 billion to British businesses each year
Banks are increasingly targeting
small businesses, supplying dedicated information and financial
services. banks can offer;
-
Overdrafts.
This provides the business with short-term finance,
effectively bv running
a negative balance oh the bank account, up to an agreed limit
-
Loans.
Loans are funds borrowed for a fixed term which are paid back
through time with interest. Interest may be fixed or
linked to the base rate.
Small
Firms Loan Guarantee Scheme
Some
small businesses with viable business proposals may have
difficulty in getting conventional loans because they cannot offer
security against the loan. The government, through the Small
Firms Loan Guarantee Scheme, acts as guarantor to the
lender. Only applies to businesses unable to obtain
conventional loans. Application
should be made through your bank (providing it operates the
scheme) Shareholder
Capital In
the case of a Limited Company, equity is introduced in exchange
for shares. Investors expect a share of the business'
profit, in the form of a dividend. Venture
Capital
Venture
Capital is a means of financing a growing business where shares
are sold to an investor.
While some measure of control is conceded to the new shareholder,
the amount of finance gained can be very large. Most Venture
Capitalists assist only established businesses. Contact the
British Venture Capital Association on 020 7025 2950.
www.bvca.co.uk
Business
Angels
Business
Angels are financially wealthy people with extensive business
experience who provide finance and management expertise to a
business, usually in return for a share of the profits. Business
Angels are a more appropriate source of finance to small
businesses than Venture Capitalists as the amount they invest is
usually smaller and they will offer assistance at an earlier stage
of the business' development. Contact the Business Angels Network
on 020 7329 2929.
www.bestmatch.co.uk
Prince's
Trust
The
Prince of Wales' Charity helps young people aged 18-30 from
disadvantaged backgrounds to start their own business. They
provide business advice, a test marketing grant of £250 and loans
of up to £5,000. Contact Sharon O'Hagan on 028 7186 4689.
www.princes-trust.org.uk
The
Royal British Region
The
Legion's Small Business Advice Office offers ex-service people
free advice on small business practice. They also have a small
business loan scheme to help ex-service personnel start and grow
their own businesses. You should write with details of your
business to The Small Business Advice Office, The Cottage,
Ordnance Road, Tidworth, Wiltshire, SP9 7QD.
North
Antrim Leader
Leader
can offer financial assistance to micro-businesses situated in the
rural areas of four council areas - Ballymoney, Ballymena, Moyle
and Lame. In most cases, support will be to a maximum of 50% of the
project cost - the remainder must be "matched" by a
private or non-EU source; Contact North Antrim Leader on 028 2177
2138.
EU
Grants
Various
EU funding Streams to businesses. To find out what's
currently available, log onto www.eugrants.org
|
