Too many Gloucestershire firms are missing out on opportunities to help fund their growth plans, according to Martin Regan, audit partner at the Cheltenham office of national audit, tax and advisory firm Crowe Clark Whitehill.
He said businesses, especially SMEs, need to take advantage of the many sources of financial support and grant availability open to them if they want to succeed.
“SMEs tend to cite lack of finance as the major obstacle to growth but there are an increasing number of schemes on offer, many with backing from the public sector, which are worth checking out.
“Small and medium sized firms often fail to consider alternative finance routes because of time pressures and fears over mountains of red tape.
“But it is well worth persevering especially as financial organisations are now much more conscious of the need to cut through such obstacles,” he said.
He pointed out it was now easier to access the information, highlighting how entrepreneurs need only go to the websites of GFirst LEP and Gloucestershire County Council to find details.
Examples of schemes worth exploring include:
Universities South West Innovation Vouchers offering SMEs access to the expertise within universities, colleges and public research establishments to innovate and grow.
Regional Growth Fund – a £2.6 billion fund which operates across England and is designed to support projects and programmes that lever private sector investment to deliver sustainable employment and economic growth. Round Six is now open to applications.
South West Cleantech Co-investment Fund which provides loans of up to £250,000 to match new equity investments into SMEs operating clean technology.
The Government recently announced an £82.5 million student-loan style initiative for young entrepreneurs planning to start a new business. It will enable young people who choose not to go to university to access low interest loans to help them launch a company.
The Business Finance Partnership aims to ease the flow of credit to SMEs by diversifying their sources of finance and making them less reliant on bank lending.
Gloucestershire County Council in partnership with Funding Circle are promoting a loan funding scheme to help stimulate local economic growth – 18 Gloucestershire companies have benefited so far, borrowing £1.1 million between them to consolidate or expand their businesses.
Innovate UK, formerly the Technology Strategy Board, fund, support and connect innovative firms looking to take a new idea to market.
The European Investment Bank offers a range of R&D funding opportunities.
Mr Regan said: “In my view not enough businesses look to take advantage of what is a very significant range of potential help.
“Here at Crowe Clark Whitehill, we are keen to help SMEs explore these initiatives – there is money there to help you take the next step up whatever your size.
“Yes, there are hoops to jump, but applying successfully is not as difficult as you might think.”
