Our advisers will be able to help you find the most suitable solution from a range of business support products including the recently announced government-funded support measures.
Finance for business from the NWDAThe Northwest Regional Development Agency (NWDA) has increased its funding for businesses this includes:
Grants for Research and Development to help business owners introduce innovative products and processes including research trials and product testing. Grants range between £20,000 to £500,000.
Small Business Loans designed to help small business owners and social enterprises to start up and develop their business. Loans range between £3,000 to £50,000.
Innovation Vouchers to assist businesses to buy support from knowledge providers to explore collaborative opportunities.
Grants for Business Investment aimed at investment projects to help support the purchase of key assets such as buildings, plant and machinery.
Grant for Improving Resource Efficiency aimed at projects which will contribute to reducing Co2 emissions and generate wider environmental benefits in the region.
Business Angel Finance provides access to a network of private equity investors who invest in new or expanding businesses. The level of investment ranges between £10,000 - £500,00.
Venture Capital is a flexible equity package if you are a particularly fast growing innovative business which has been unable to attract growth capital from traditional sources.
Loan Fund provides £50,000 to £250,000 loan funding available for innovative, viable small and medium sized enterprises seeking debt finance.
Real help with financeThe Government has put together a package of financial measures designed to address the cash flow, credit and investment needs of small and medium businesses.The support package, which builds upon the commitments outlined in November's Pre Budget Report, consists of the following:
The Enterprise Finance Guarantee(EFG)
EFG is open to businesses with an annual turnover of up to £25million who are currently not easily able to access the finance they need. This will enable businesses to secure loans of between £1,000 and £1million.
Capital for Enterprise Fund (CEF)
CEF is a new £75 million equity fund, bringing together £50 million of government money with £25 million from major banks. This fund will provide longer term capital to companies who have exhausted their traditional borrowing capacity.
Small Business Rate ReliefSince April 2005 small businesses in England have been entitled to claim up to 50 per cent rate relief from their local authority for premises with a rateable value of up to £15,000 (£21,500 in London).
Over half of small businesses miss out on the relief because they don't know about it and according to the Local Government Association (LGA) £400 million was left unclaimed by businesses entitled to rate relief in 2006. The LGA estimates that the relief can save businesses up to £2,500 a year. To find out more read this guide to small business rate relief.
More time to pay VAT, tax or NI to HMRCIf you are worried about paying your tax, National Insurance, VAT or other payments owed or due to HM Revenue & Customs (HMRC) or you anticipate that payments coming due will cause you problems, you should get in touch with the new Business Payment Support Service to discuss payment options to help you deal with temporary cashflow difficulties.
HMRC staff will review temporary options tailored to your business needs, for example arranging for payments to be made over a longer period. You won't be charged additional late payment surcharges or penalties on payments included in the arrangement, but interest will still be payable on those taxes where it applies. Call the Service on 0845 302 1435 or read more about the Business Payment Support Service.
Access to help and supportThere is a range of support available for businesses in the North West and you can search our business support directory to find solutions for your business.
If you would like to talk about accessing support for your business, call the business adviser team on 0845 00 66 888 or use our contact us form.