Showing posts with label efg. Show all posts
Showing posts with label efg. Show all posts

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.

Thursday, January 27, 2011

Getting grants in the UK

The UK government has set aside more than two billion pounds in funding programmes (grants and loans) for financing small businesses. Free government grants are available to help you start-up, expand or improve your business, if you are eligible. Unfortunately finding the right grant can be extremely tedious as there is no official repository of all available grants and reliefs available. They are many kinds of financial aids available:
Grants and Subsidies
When you receive this money, you don't have to pay it back. It's yours to use under the terms of the grant. The national and regional governments know that it's tough for small businesses to bring new products to market, make your company more efficient, or hire employees. So they provide billions of pounds a year to aid UK product innovation and grow small businesses.
The national and regional governments also recognise that some regions and business sectors need more economic development support than others. Businesses across the country are eligible for some of the billions of pounds in funding allotted for this development. Small businesses accessing grant programmes enjoy a bonus benefit: once you've successfully received funding, you're more likely to get additional grants from the same agency because you meet their program requirements.