Professional support guides businesses through financial landscape

28th September 2012

Looking for the right business investment can be a complicated process, so seeking professional advice is vital.

Tony Gee, business growth advisor at Sheffield Enterprise Agency, provides a quick overview of the financial landscape in the city region. -Small businesses are the lifeblood of the economy said former Business and Enterprise Minister Mark Prisk MP. It is therefore important to make available to businesses the tools they need and funding is a top priority. Where to find and access finance is an issue, so here at Sheffield Enterprise Agency we can help you in this process. Still the cheapest form is debt finance. You do need a stable track record and can also expect to pay an arrangement fee. Types of debt finance can be commercial mortgages, terms loans, overdrafts, invoice and asset financing. Other sources of funding can be from cash reserves, own equity and bank debt. However, capital items may be funded from HP or Lease and used for cars, trucks, plant and machinery and repayments are usually fixed. Some other providers include the Enterprise Finance Guarantee Scheme, where the Government guarantees 75 percent of the loan, but the client will need to pay an insurance premium of two percent annually to cover the risk. Other forms of equity finance are available, for example, business angels supplying investment between £10,000 and £750,000. Also, venture capitalists for amounts of £1million plus. Finally, there are other sources of funding, such as Finance Yorkshire, Donbac, UK Steel, Key Fund and new players, such as Barclays Bank, where match funding is available, from £1,000 to £25,000 unsecured. The Chancellor of the Exchequer has unveiled plans to launch a new small business bank that will bring together all the existing schemes available to small businesses, such as Business Finance Partnership and Enterprise Capital Fund. It would not offer new Government funding but would be part of a range of measures designed to boost the economy. Additional advice and support is available through Sheffield Enterprise Agency, so give us a call on 0114 281 4621.

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