Business Finance

On March 17 Mark Prisk, Minister of State for Business and Enterprise, announced a streamlined and refocused Solutions for Business portfolio. The range of Solutions for Business products will be rationalised and simplified during this financial year.

To keep up to date on what is changing please visit www.businesslink.gov.uk/governmentsupport

Access to sustainable finance is essential if businesses are to invest and grow. As the economy recovers, it is crucial to ensure that the supply of finance supports demand and business confidence.

The Government is developing a new approach to supporting business improvement and growth; it’s changing the way business support is managed and delivered both nationally and locally. Along with other Regional Development Agencies (RDA’s), the NWDA will close by 31st March 2012. The transition towards closure has meant a number of the NWDA's business support products are no longer available.  

Access to appropriate finance will be key to ensuring that businesses are able to survive and expand. If you’re unsure about the help you need, a good place to start is the free advice and support offered by the Access to Finance service available through Business Link North West.

Access to Finance Service
The Access to Finance service offers independent advice to help businesses and entrepreneurs understand the options available regionally and nationally for accessing the finance required for business start-up, development and expansion.

If you have a query, please call Business Link on 0845 00 66 888 and ask to speak to a member of the Access to Finance team.

The North West Fund 
The North West Fund is a £185 million evergreen investment fund established to provide debt and equity finance from £50,000 to £2 million to small and medium-sized enterprises (SMEs) based in the Northwest of England.  
www.thenorthwestfund.co.uk

Northwest Business Angels
Northwest Business Angels supports entrepreneurs seeking start-up capital and businesses moving into high growth by putting them in touch with a network of private investors looking for investment opportunities.

Visit the website for further information on seeking investment or if you are a investor looking for investment opportunities.
www.nwbusinessangels.co.uk

Small Loans for Business (SLfB)
A loan scheme designed to help new individuals, small business owners and social enterprises to start a new business or expand and established one. You must have a viable business plan and have been unable to secure all or part of your finance from commercial sources. Loans range between £3,000 to £50,000.

You can apply online with the online application form or for more details on SLfB criteria call 0871 384 1021.

Grant for Business Investment (GBI)
GBI is a national scheme providing grants on a selective basis to support sustainable investment and job creation projects in the assisted areas of England.

GBI support provided by the NWDA for new projects has ceased.  The Department for Business Innovation and Skills (BIS) will, however, consider large scale cases, in   excess of £2 million, on an exceptional basis. This decision reflects both the need to address the budget deficit and the shift in focus from nationally-led to locally-driven policies to deliver economic growth.

Alternatively, Government launched the Regional Growth Fund (RGF), a new £1.4bn 3 year fund that will operate across England to stimulate private sector led sustainable economic growth and employment. A minimum bidding threshold of £1m assistance will apply. Applications for the fund can be downloaded via the BIS website.

Grant for Research and Development (Grant for R&D)
A grant scheme to help business owners fund the R&D required to get new products and processes to market.

Grant for R&D support provided by the NWDA for new projects has ceased. Businesses may wish to note that from April 2011 the lead delivery body for a successor scheme to Grant for R&D will be the Technology Strategy Board. Details of this future scheme will be made announced in due course.

Innovation Vouchers
Vouchers to assist businesses buy support from knowledge providers to explore collaborative opportunities.

This scheme has now ceased with no future plans to reinstate it.