Once you’ve developed your business plan, you should have a clear understanding of the amount of money needed to start and run your business.
Finding the right finance to kick start your new business can be a challenge, but we can help to navigate you through the maze of funding options. It all starts with a well-developed business plan. This will give you a clear picture of the amount of money you need to launch your business…. and keep it running.
So you’re ready to start your business? Your next step is to consider how you are going to finance it. There are many different sources of finance – the trick is to find the one that best suits your needs. Here are some you might wish to examine:
Borrowing from your bank is convenient and accessible as banks usually have a number of loan options geared towards small businesses. These tend to have lower interest rates than credit cards and private equity lenders, plus you’ll enjoy tax benefits from the interest paid on your loan. Another benefit is that banks don’t take a share of your business –they are only concerned with collecting the interest in addition to the loan principal. On the downside, getting a startup loan approved from your bank can be difficult and time consuming. And remember that business loans from a bank are usually secured by some kind of collateral, often your home.
Angel investors provide financial backing for early stage and start-up businesses in exchange for an ownership stake in the company. Business angels often go beyond investment and lend their business expertise to younger firms. But remember that if you hand over a slice of your start-up, you are essentially waving goodbye to a chunk of your future earnings. Aside from Angels, your friends, family and contacts can also be an invaluable source of funding and knowledge.
If you are starting your own business or have just setup within the past 24 months, Enterprise NI fund offers loans of up to £25,000 repayable over 1 to 5 years. Interest rates are fixed at 6.2% APR, with no arrangement fees or early settlement penalties. You can also enjoy up to a maximum 15 hours mentoring support*.
Find out if you are eligible here and for more information visit www.eniloans.com
The NI Small Business Loan Fund provides loans for individuals, private companies and social enterprises in the SME and micro enterprise size range, operating in the start-up and/or growth phases of development.
The Fund has recently been re-launched, with additional funding available for new applications. There is a maximum loan amount of £15,000 for start-up enterprises, with potential for follow-on lending up to a maximum on £50,000. Existing businesses can now apply for loans of up to £100,000, which is double the maximum level the programme formerly provided.
Finance can be provided for:
Contact the Economic Development Team on 0300 013 333 (ext 40951). Alternatively email Maura Bettes or Sharyn McMaster for help and advice.
Are you looking to expand or develop your rural business within Ards and North Down?
The Rural Business Investment Scheme provides investment support for the creation and development of micro and small enterprises (including farm diversification and private tourism businesses) in rural areas. The level of funding will be dependent on the business's potential for growth in the short to medium term with grants ranging from £500 - £90,000. The funding will primarily provide capital grants with some resource funds towards bespoke training and marketing. The Scheme is focused on job creation so if you wish to apply for a capital grant then there must be jobs created as a result of your project. Support is targeted at rural areas including towns with a population of up to 10,000.
Please contact the Rural Development Team on 02891473788 (Ext 40918 or 40919) or email info@ruralpartnersand.co.uk
Some businesses may benefit from rates relief. Current support schemes include:
To find out if you can avail of any of these support schemes contact Land & Property Services (LPS) and complete the relevant application. Make sure you continue to pay your rates while LPS considers your application. If you don’t do so, you could end up having to pay a large amount in one go, should your application be unsuccessful. If your application is successful, LPS will refund any rates you have over paid.
You care enough about your local community to help it. We care enough about your Social Enterprise to help you. This programme can help you to develop or grow your socially oriented business. Find out more about ANDSEP.
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