TWO pieces of research were released last week suggesting that UK businesses are in need of financial assistance to support their growth.
The British Chambers of Commerce found that the economy is recovering more slowly than anticipated and that private-sector firms need more support.
Meanwhile, research conducted by the banking sector revealed that as many as 15% of businesses had applied for new, or renewed existing, overdrafts and loans.
The good news is that banks are starting to lend again, with 72% of these applications being successful, but it does indicate that the private sector is in need of additional support and advice to succeed in the current economic climate.
With this in mind, there really has never been a better time to talk to Business Link, the service which offers our region’s businesses advice, guidance and support to develop and grow.
In addition to this funding is available for a limited time and could really make a difference to your business. There are a number of funding options that could be right for your business, but it’s essential that you get in touch soon to find out how Business Link can help you.
Budding entrepreneurs or businesses that have just started can take advantage of two funds – Intensive Start-Up Support and Starting a High-Growth Business.
The Intensive Start-Up Support Fund is for businesses trading for up to six months and is to help overcome the barriers to starting up a business. It offers help with product development, branding and corporate identity, e-commerce and e-marketing, business and financial planning and other aspects vital to consider when starting your own business.
The Starting a High-Growth Business Fund is there to help people thinking of launching a new business within the next six months, or for businesses which have been trading for up to six months. This fund offers help with consultancy support, product and process development and areas such as financial planning, market research, mentoring and consultancy support.
For businesses considering ways to innovate and stay competitive there is the Innovation, Advice and Guidance Fund.
Whether it’s developing a new product or process, or evolving an existing one, one of the best ways to grow your business is to innovate. It makes your business stand out from your competitors and improves your efficiencies.
Innovative solutions can improve productivity, reduce costs and make your business more competitive. Without innovation your business may lose market share, see productivity and efficiency decline and steadily reduce your margins and profits.
There are a number of factors which will affect eligibility for funding including location, size, industry sector and what the finance is to be used for.
For further information about how Business Link can help you grow your business and access finance, call 0845 600 9 006 or visit www.bl-ne.co.uk
The Business Link service is part financed by the European Regional Development Fund (ERDF).
Melanie Hill, Business Link adviser