BUSINESS NEWS

Show me the money! The A-Z of finding funding for your business (part four)

Show me the money! The A-Z of finding funding for your business (part four)
Enterprise Nation
Enterprise NationEnterprise Nation

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.

Attend events in Birmingham, London and Bristol and meet lots of funders with money on offer! The events cost just £10 for non-members or free for members. Find out more here.

Dragons' Den

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.

Useful links:

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 £2.8 billion.

EFG is open to any UK business seeking finance of between £1,000 and £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.

Useful link:

British Business Bank

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 £24.95 to download the loan agreement from Clickdocs to put  the business relationship in writing and keep the  family relationship in tact!

Useful link:

Loan agreement template

Attend events in LeedsBirmingham, London and Bristol and meet lots of funders with money on offer! The events cost just £10 for non-members or free for members. Find out more here.

The Show me the money! campaign is supported by:

Hsbc Kpmg Logos

Enterprise Nation
Enterprise NationEnterprise Nation
Enterprise Nation has helped thousands of people start and grow their businesses. Led by founder, Emma Jones CBE, Enterprise Nation connects you to the resources and expertise to help you succeed.

You might also like…

Get business support right to your inbox

Subscribe to our newsletter to receive business tips, learn about new funding programmes, join upcoming events, take e-learning courses, and more.