Every month this year we're profiling the many sources of finance for your business. Part one is here, part two is here, part three is here, part four is here, part five is here and part six is below.
If you can't wait for the remaining parts, download the full 19 page A-Z guide to funding here.
Innovate UK is a government backed organisation Referred to as ‘the UK’s innovation agency.’
Part of its remit is to fund new innovations from businesses of all sizes. This happens through schemes such as Innovation Grants and European funding streams including Horizon2020.
Innovation Grants are available for amounts of between £25,000 and £10m to fund ‘testing the feasibility of your idea, to create a new product, process or service, or improve an existing one, through research and development, or to work with other businesses or research organisations on collaborative projects.
To fund ground breaking research, Horizon 2020 is an option. Applying for this European fund involves being part of a consortium with at least three partners from different countries.
If you have secured an order and looking for immediate cashflow to fulfil the order, invoice factoring could be your solution.
Banks and factoring agencies buy invoices from you (for a fee) and provide up to 85% of the invoice value straightaway.
Companies such as MarketInvoice can advance amounts between £5,000 and £3m in the space of 24 hours.
Find out more from the Asset Based Finance Association.
Local Enterprise Partnerships
With 39 of them now up and running, Local Enterprise Partnerships (LEPs) have been created by the government to play a key role in
stimulating economic vitality across the English regions.
Many are launching funds that could be relevant to you. Identify the LEP for your area, visit their website, sign up for the communications and funding news could follow.
Nesta Impact Investments is a £17.6m fund investing in "life-changing innovations that help tackle the major challenges faced by older people, children and communities in the UK".
The website outlines the type of businesses in which the fund invests and showcases a portfolio of funded companies.
Contact the investment team or simply submit your funding plan online.
New Enterprise Allowance
A programme designed to give jobseekers financial support and mentoring to ease the move from unemployment to self-employment, the New Enterprise Allowance is open to anyone over the age of 18 claiming Jobseeker's Allowance, Employment and Support Allowance
or Income Support.
If eligible you can benefit from a business mentor to help you develop your business idea and start trading, a weekly allowance paid for up to 26 weeks (up to a total of £1,274) and application for a StartUp Loan.
The loan has to be paid back but the allowance doesn't.
Non-members can sign up to the event in Bristol on 27 September at 6pm - 8pm to meet several funders in person for just £10 or buy a membership ticket and get the event ticket for free!
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