A couple of pointers for businesses this week - Coast to Capital business growth grants and confidential factoring.
First up is the Coast to Capital Business Growth Grant. I have recently been appointed to the Panel of Assessors and attended my first meeting last month. Two things struck me: firstly, the quality and depth of the applications – where the proposals were extremely well presented and all four of them were very supportable - and secondly, why had I not come across it before in South London, and what could be done to raise its profile here?
So this is the start of my raising awareness campaign for what I think is a fantastic opportunity for businesses to grow with the right support.
Grants of between £5,000 and £100,000 will be available to eligible businesses and may be spent on a wide range of eligible items including, research and development, innovation and product/service development, breaking into new markets, skills development, plant and equipment, business premises and other capital items.
To be eligible businesses must:
You must also be planning at least one of the following:
For local businesses, to my mind, this is a fantastic opportunity to get the right level of funding to grow with a solid foundation – rather than ‘just making do’ or cutting corners because you haven’t quite got enough money.
For the banks, it should be a source of support actively encouraged – for the right propositions – particularly where they are not able to lend as much as the client needs. It isn’t designed to take the place of bank lending, as this source needs to be accessed first, but should work hand in hand for the extra 25% of the project cost that may be more difficult for them to support.
For accountants, it should be another source of funding that they know about – and can recommend to their clients.
One of the biggest considerations for a business looking at debtor funding, was the fact that their clients would know about it. Well State Securities have come up with a new product to overcome this. I met up with Bob Crumbley and in a nutshell:
This will also be available for insolvency pre packs - where normally a confidential facility is not available.
At Frost Group, we want to make things as easy as possible for you. That is why, if you can’t come to us, we’ll come to you. We operate face to face, nationwide meetings, wherever is most convenient for you.