Here we round up just a few of the available help.
In order to qualify for this government loan, applicants must be 18 or over, and will work on their business plan with a mentor before pitching to a panel for their loan. The average loan is around £5,000, and must be paid back within five years.
New Enterprise Allowance
Another Government-funded scheme, the NEA is designed to help the long-term unemployed back to work by helping them set up on their own. Applicants must be 18 or older, and receive one of the following benefits:
Income Support as a lone parent
Employment and Support Allowance
A similar scheme to Startup Loans (you’ll get a mentor and some initial capital), the NEA also includes a weekly allowance paid over 26 weeks which you don’t need to repay. The New Enterprise Allowance is run through Jobcentre Plus.
Crowdfunding is definitely the method of business financing which has become very popular. Rather than take a hefty loan from the Government or a financial institution, Crowdfunding allows ordinary members of the public to back your idea by pre-ordering a product, by purchasing equity in your company, or contributing towards a low-cost loan.
Most local authorities or sector-specific bodies now offer some kind of business development grants or support scheme. There are various grants forfarmers and for new businesses in the Merseyside area and others – check out the Gov.uk Finance Finder for schemes relevant to you.
For more information on the grants you may be eligible for, contact us.