an introduction to grants & Finance

Financial assistance is a crucial part of business life, and this can take many forms. Banks can provide an essential life blood to business, at every level, from direct funding to on-going financial advice. Further advice is available from accountants, and also solicitors.

At Ten Sixty Six Enterprise we provide a service that complements and supports your other professional advisors.

An important part of our time at Ten Sixty Six Enterprise is spent in understanding other sources of finance, and developing relationships with the providers of these funds.

what is a grant?

A grant is a specific sum of money: usually a proportion of the cost of a project that can be given to a business to assist it in its development. This discretionary funding does not usually have to be repaid, or incur interest charges, but there will be stringent terms and conditions attached, and the preparation time in applying for the grant can be considerable.

Grants are provided by local, National and European Governments, to implement a particular policy: therefore the needs, location, and type of the business must coincide with the aims and aspirations of the grant providing body.

Therefore Ten Sixty Six Enterprise is a valuable resource to identify the most suitable facility available, and to discuss all the sources of finance with a business.

other finance

From time to time, businesses may find it difficult to gain conventional bank support and so a special form of loan facility may be worth considering ~ examples are:

• The Government's Small Firms Loan Guarantee Scheme (SFLGS)
  
• The Royal British Legion Small Business Advisory Service and Loan Scheme.
  
• Barclays European Investment Bank loan.

Most of these programmes require a business plan to be written in support of the application, and we can provide guidance and support to assist with this task.

Venture capital is one additional source funding: and for details of these schemes, please click on the Sussex Enterprise website

Community Development Finance Initiatives

Community Development Finance Initiatives (CDFI’s) are specialist providers of finance, created to help tackle financial exclusion and encourage entrepreneurship by making finance available to individuals and businesses that cannot access conventional loans or credit from mainstream providers such as banks and building societies.

Many individuals and businesses cannot access funding or enough funding, this can be at anytime and for many different reasons but the following are typical situations:

• Start up businesses ~ lack of track record, financial information, personal contribution, collateral and so on
• Poor credit history ~ County Court Judgements, discharged bankrupts, poor account operation, returned items and so on
• Established businesses ~ any of the above and more!

CDFI’s are therefore set up to try to assist individuals and businesses that are in this position click here to find out about local CDFI’s.

conclusion

Ten Sixty Six Enterprise has an important role to play in advising the business community as to the funding sources that are available. Additionally we help throughout the application process, to ensure that your time is not wasted on unproductive paperwork.

For further information: call us on 01424 205500 or email us.