If your company is planning to spend money on equipment, training, strategy or anything that is likely to result in you growing and creating jobs then there is often money available to support you. Usually, this money comes as ‘match funding’ where the funding provider will award you a percentage based on the total cost of your project. For example agreeing to cover 40% of your expenditure as long as you put up the other 60% of your own money.
And if your business is based in a specific geographical location, or operates in a target sector such as manufacturing, then you will find pots of money put aside especially to help you grow your business and create jobs.
The Leeds City Region Enterprise Partnership (LEP) is a good place to start when looking for funding in West Yorkshire but all regions have a similar partnership scheme – and don’t be mislead by the ‘Leeds City’ name: the partnership allocates funding to all the satellite towns and areas, not just Leeds itself.
There is also a very active network of private funders looking to invest in growing businesses, see the section below.
A few funding schemes that we are aware of and working with:
New-start / young B2B high-growth business (under three years old)
If you are a new or young business-to-business company within the LEP boundary (which stretches as far as Calderdale and Kirklees and into both North and South Yorkshire) you can apply for 50% match-funding on a project of potentially up to £50,000 (conditions obviously apply). This fund has been set-up to encourage young and new businesses who have strong growth ambitions to fund projects that will create new jobs and profitability.
Manufacturers looking to grow
There is also funding for the ‘manufacturing growth programme’ that will pay 35% of up to a £4,000 project. This fund can be used by manufacturing companies to help pay for strategic consultancy, training or help in creating your growth plan.
Companies looking to export
If you think there is a market abroad for what you sell, The Department for International Trade are currently helping companies ‘internationalise’ their marketing. This funding may be used to pay towards having your brochure translated, getting a new website set up for a specific country or buying expert advice. Open to a wide region including Yorkshire and Humber, the fund will contribute 50% of the cost of a £4,000 – £10,000 project.
If you think you fit any of the above funding pots and want to check your eligibility, email me on firstname.lastname@example.org or call the office on 01484 8414 088 and I can put you in touch with the right scheme.
When businesses need a cash injection they often turn to traditional lenders such as their bank – when in reality there are often better options with private funding. Many people looking to invest in a business bring with them far more than cash, they also bring the support needed to make sure that their loan or investment results in a successful company.
Many private funders don’t advertise themselves and instead rely on their networks (both online and off) to bring them investment opportunities. Over the last ten years, we’ve built up links with funds and successful business people looking to bring both their finance and their skills to companies who have a potential to grow or enter a new marketplace.
As with the funding pots above, if you are looking to grow your business and think you have something to offer a private funder then I would be very glad to make the connection – email me on email@example.com or call the office on 01484 8414 088 for a chat.