Accessing finance for start up businesses can be challenging. With no track record and initial start-up costs to consider, finding funding to assist you can be crucial. Remember, if you are looking to find funding you need to have a good business plan to support you.
Ideally you would need to find the cheapest and most flexible form of finance. Here are a few of the options to consider:
- Personal savings
- Help from friends and family ( but think carefully about the implications on your relationship if you struggle to pay it back)
- Banks –personal loans or business loans
- Credit Cards (beware of using these for long term financing – they can prove expensive and should only be considered for short term cash flow needs)
- Start up loan funding – some schemes are available backed by the government
Grants for Start Ups
Occasionally you may be able to access grant funding to help you start. Below are a few options you could consider:
- Help and support about grants and loans available to start ups can be provided by Vision Derbyshire
- Princes Trust – for young people – may provide access to grants in exceptional circumstances
- Food and Drink forum - can provide 25% of project costs to purchase production equipment to help increase growth, productivity and create jobs.
Start Up businesses may also benefit from the Derbyshire Accelerator Start Up to Scale Up project, which is being led by East Midlands Chamber. Start up businesses should contact the Chamber on 0330 053 8639.
Loans for Start Ups
Loans for new businesses are available from a scheme backed by government through the British Business Bank. For more information about eligibility and the application process visit Start Up Loans.
