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Entrepreneurs are a rare breed. As a result, the British Government encourages their development, especially in these tough economic times. Besides offering services to help overcome the resultant challenges, financial measures have been introduced to assist new companies in the United Kingdom during the recession. The government provides training programmes to enhance business skills and supports innovation, research and development.

It also promotes international trade and business development. Experienced mentors are available to coach British entrepreneurs and structures are in place to help new businesses accelerate growth. Below are some of the resources available to local entrepreneurs.

Loans and equity finance for entrepreneurs

The ‘Enterprise Finance Guarantee’ scheme offers a government guarantee to lenders should a bank deny a business loan for reasons of lack of collateral. Loans of up to £50,000 are available to entrepreneurs under the ‘Small Loans for Businesses’ program. A thorough business plan must be submitted accordingly.

A very convincing business plan, however, may qualify an entrepreneur for a loan and equity finance through the ‘Finance for Business’ programme. A £75m ‘Capital Enterprise Fund’ is also available. The Low Carbon Energy Demonstration provides finance to entrepreneurs who develop technologies promoting the use of less carbon.

Other financial support

Job creation is encouraged through the ‘Grant for Business Development.’ The amount granted will depend on factors like location, quality and size of the business in question. The ‘Grant for Research and Development’ has made available grants to promote innovative products in the United Kingdom.

The East London Small Business Centre’s ‘Gateway to Finance’ programme helps small businesses raise funds across all 33 London Boroughs. The ‘Rural Development Programme for England’ helps to grow rural entrepreneurs.

Advice

The British government also provides assistance in endeavours such as design implementation, innovation, marketing, manufacturing processes, imports and exports, legal issues and technical matters. ‘The Business Link’ offers free business support services online.

Expert knowledge is provided by ‘The Manufacturing Advisory Service’ and the ‘Designing Demand’ council. ‘UK Business Incubation’ helps to create good working environments while ‘The Train to Gain’ programmes offer training in various parts of England. This scheme aims to improve productivity and motivation while encouraging profits.

Tags: Finances