Showing posts with label debt. Show all posts
Showing posts with label debt. Show all posts

Tuesday, May 14, 2013

The 10,000 Small Businesses Programme

One often says that there is no such thing as a free lunch. It might not be the case with the Goldman Sachs sponsored 10,000 small businesses programme.

The programme modelled after a US programme of the same name aims to stimulate employment creation and economic growth and has a broad regional coverage, including many areas of relative economic disadvantage. It was first piloted in Yorkshire in 2010, followed by expansion to North West England, the Midlands and London. As of April 2013 almost 500 small business leaders across the country have participated, and approximately 250 new participants join the programme each year.

The programme is designed specifically for the leaders of established small businesses who have the ambition and the potential to generate substantial growth in their enterprises. Participation is by competitive entry and is fully funded by the Goldman Sachs Foundation for successful candidates. Businesses need to be established (at least one year of trading), have between 5 to 20 employees and have growth ambitions. While the programme is competitive, the last cohort in London had 25 successful applicants for slightly more than 100 applications. So it is within reach.

Thursday, March 1, 2012

Innovative ways to fund your business

The lasting economic downturn has made it more difficult for small businesses to find the cash required to grow their business. Banks constrained by shrinking profits and increasingly stringent capital requirements have shun from lending to SMEs. And lending targets or the arrival of new entrants on the market will hardly change that.

While the banks have continued to lend through overdrafts and credit cards at extortionate rates, there are other options now available for the creative small business...
  • The Enterprise Finance Guarantee (EFG) -- it is a loan guarantee scheme intended to facilitate additional bank lending to viable SMEs with insufficient or no security with which to secure a normal commercial loan. There is an additional cost of 2% per annum but it can prove a great option when the business has no assets to secure a loan against. Just ask your bank about their EFG options.