As the economic climate continues to show signs of improvement, Doug Perry, partner with Nottingham chartered accountants Clayton & Brewill, assesses the growing availability of finance for SMEs in the East Midlands.
Access to finance is of course essential in order for businesses to grow and thrive. Over the past few years we've seen many Clayton & Brewill clients, even the exceptionally well-run ones, needing to rely on private sources of finance to fund their growth plans. Asset finance and invoice discounting schemes have also been popular but recently we have seen encouraging signs that the banks are genuinely willing to lend to SMEs.
There are fee deals on the table from some of the non-high street banks that can deliver impressive savings for businesses needing a cash injection for expansion, capital investment and also working capital.
As with everything, these deals are dependent on you being able to demonstrate that your business is well run, with good record keeping, a decent business plan and evidence of historic and projected financials. And it does seem that property-based lending is still being viewed with extreme caution.
Grants and growth vouchers
For micro businesses and start-ups the Government's new Growth Vouchers scheme provides a valuable boost with up to £2,000 of match funding that can be spent on a broad spread of coaching and advisory services. Clayton & Brewill recently joined as an accredited provider of Growth Vouchers. You can find out more about them and how to apply here.
We have also seen clients apply successfully for the N'tech Grant Fund in Nottingham, which offers grants of between £20,000 and £1 million to businesses in the digital, clean technologies and life sciences sector.
The grants are strongly linked to job creation and are aimed at helping businesses to exploit their intellectual property, develop new technologies or make investments in capital infrastructure. There are still funds remaining in the £10m pot and the application process is relatively straightforward.
Need some help or advice?
If you need a funding boost to support your growth and expansion plans, Clayton & Brewill can support you with financial projections and business planning to help you make the best possible impression with lenders.
Contact us on 0115 950 3044 or drop us an email.