Where to Look for Small Business Funding
If you are running a small business in the UK, there are some great funding opportunities to support your growth and safeguard your employees. Along with the usual grants and loans, there are also opportunities like crowdfunding. Let’s find out the details of different options available for small business owners.
Small Business Grants
Small business grants remain a lucrative option for funding. Usually supported by government and private authorities, a small business grant can offer capital of between £500 and £500,000. Typically, the greater the funds, the greater the requirements. Some examples include Princes Trust Grants, Apprenticeship Grants, the SEED Enterprise Investment Scheme, EUREKA Eurostars, etc.
Small Business Loans
Business loans are relatively easy-to-access way to fund your business. Offered by banks and other financial institutes, anyone with a viable business plan can apply for a loan. However, you have to go through a lengthy process of submitting documents such as the business plan, profits and loss forecasts, etc. Banks like Barclays, HSBC, RBS, Lloyds as well as investment funds like Virgin Startups provides loans for small businesses.
Another great way to raise capital for forward-thinking and innovative business ideas is crowdfunding. In 2017 alone, £217.7 million was invested through major crowdfunding platforms like Crowdcube, Seedrs and SyndicateRoom. Fin-tech firms like Monzo and Revolut also have great success stories of crowdfunding.
If you have a business with great growth potential in a short period of time, and especially if you are in the tech industry, you can opt to fund your business through venture capitalists who invest a large chunk of money in return for equity in the business. They may also provide expertise to help grow your business.
Our advertising partners offer repayment duration of 12 to 120 months. I.e. 8000 in 48 monthly payments to the 4.50% rate. amount tot. due: 8,756.64; APR max: 10:50%