We are always looking at opportunities for our clients in order to facilitate their growth, and we have had a great success assisting some of our clients through the application process for a number of funding opportunities on offer.
Whether you are just starting up or are an established business, there are a number of financing options available to benefit you and if you have a gap in funding where conventional sources of finance are insufficient or unavailable there are still plenty of options available.
Depending on the nature of your business, there are a number of financing and alternative funding options that you may not have considered. Here, Naylor Wintersgill talks you through some of the possibilities currently available.
Leeds City Region Enterprise Partnership (LEP)
Leeds City Region Enterprise Partnership (LEP) is currently supporting ambitious businesses spanning the entire Leeds City region (including West Yorkshire, plus York, Harrogate, Craven, Selby and Barnsley) with business finance and support.
LEP can provide grants of between £10,000 and £250,000 to small and medium sized businesses that are based in the Leeds City Region, or planning to invest there. The grants are for those who will use the funds for capital investment in fit-out and refurbishment of buildings, plants, machinery and equipment – creating permanent jobs in the Leeds City Region.
Naylor Wintersgill has already had great success assisting our clients through the application process for a number of LEP Grants, so please do not hesitate to get in touch if you wish to find out more about LEP and other Government Grants that may be available for your business.
The Business Enterprise Fund (BEF)
Founded in Bradford, The Business Enterprise Fund (BEF) is a not for profit social enterprise offering finance for small businesses in Yorkshire and the North East. Over the last 11 years, the BEF have lent to a wide range of businesses from start-ups right through to established multi-site companies who have usually been unable to get finance from the banks.
The BEF offers a range of unsecured and secured loans for up to 100% of the funding needed with flexible terms:
Start up Unsecured Loans £500-£25, 000
- Terms up to 5 years
- For businesses up to 24 months trading
Unsecured Business Loans – Up to £50,000
- Terms up to 7 years
- Ideal for new or growing businesses to support working capital needs such as:
- Growing debtors
- Increasing work in progress
- Supporting additional employee costs
- IT infrastructure costs
Secured Business Loans – Up to £150,000
- Terms up to 7 years
- Perfect for a business looking to purchase major assets such as:
- Plant and machinery
Finance Yorkshire also provides a range of typically unsecured loans ranging from £15k to £50k for early stage businesses, £15k to £75k for established businesses and from £15k to £250k for established and profitable businesses with terms up to maximum of 5 years.
Finance Yorkshire business loans are available for a wide range of purposes including working capital, expansion projects, commercial premises and asset acquisitions with a sliding scale of interest rebates depending on stage of business. Their aim is to finance ambitious entrepreneurs and businesses who can demonstrate their ability to grow their businesses.
Whether you are a startup business or need resources to take your company further, we can help. Please contact us if you would like any further information based on your specific situation.