Posted: Thu 25th May 2017
The past five years have been filled with innovation when it comes to new sources of business funding so every month this year we're profiling the new options and other sources of finance for your business. Part one is here, part two is here, part three is here and part four is below.
If you can't wait for the remaining parts, download the full 19 page A-Z guide to funding here.
It's been broadcast since January 2005 and is well known to all. Rob Law of Trunki was one of the ones that got away despite not securing funds) and the show retains its popularity as entrepreneurs go on to pitch for money, contacts and a little love from the Dragons.
Not only do you get the money (if you receive and accept the offer) you also benefit from a whole heap of profile.
Enterprise Finance Guarantee (EFG)
Since the scheme launched in 2009 over 26,000 small businesses have been offered EFG loans with a total value of Â£2.8 billion.
EFG is open to any UK business seeking finance of between Â£1,000 and Â£1m and works through the government providing the lender with guarantee for 75% of each individual loan.
It was launched as: "A loan guarantee scheme which enables banks and other lenders to lend to small businesses that lack the security or proven track record to be offered a normal commercial loan."
The borrower is responsible for repayment of the full loan and pays a 2% per annum pro-rata premium to the government as a contribution towards the cost of the guarantee. There are now over 40 participating lenders including all the main high street banks.
Friends and family
Raising funds from friends and family continues to be the most popular source of funding across t he UK.
F riends and family are people you can trust and asking them for money hopefully won't come with strings attached.
Do consider having a written agreement though that covers t he amount borrowed and a payback schedule.
Consider investing Â£24.95 to download the loan agreement from Clickdocs to put the business relationship in writing and keep the family relationship in tact!
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