5 Options When it Comes to Funding Your New Business
Looking for ways to fund your new business? When your start up is taking off, we know that it is an exciting time! But hold on! Before you get carried away with your new project, make sure you have funding and know where its coming from! An accountant firm like The Kelvin Partnership can advise you on the most appropriate funding for your new business.
With help from the right funding, our Glasgow accountant team will ensure your company is in the strongest position it can be. After years helping a wide range of businesses, from a variety of industries, you can trust the advice we give!
The Prince’s Trust – Enterprise Programme
Are you aged between 18 and 30? You can apply for funding from The Prince’s Trust! Their enterprise programme is a great way for younger people who have the dream of starting up their own company. They also offer the help of a mentor, training and resources! All you need to be is eligible to work in the UK and a UK resident and not in full-time employment or education.
Of course, another way your start up business could gain funding is through applying for a loan from the bank. However, the likelihood of a bank granting a loan for a start-up company is not very high! Also, it would help if your credit score is good and you have a clear well thought out business plan, an accountant firm will happily help with this.
Government Backed Schemes
Start Up Loan
A Government backed start up loan is a very good option if you are looking into funding! If you are eligible, you can apply for a loan from £500 up to £25,000. To apply you must have a business based in the UK that has not been going for more than 2 years. Also, you must over the age of 18 years old and a UK resident. As an additional help, you are offered mentoring and support! If you are unsure in how to apply for this kind of loan, an accountant firm like The Kelvin Partnership can help no problem.
SEIS – Seed Enterprise Investment Scheme
Another Government backed way of funding is SEIS, the Seed Enterprise Investment Scheme! You are eligible to apply for this loan if you company has been fully trading for under two years and has under £200,000 worth of assets.
Local Government Schemes
Your local government will have a range of options for funding! No matter what industry your business is in, these different schemes offer business support, as well as a specialised small business service. Being a part of a smaller scheme, your new business venture will be carefully considered!
Your Accountant Firm – The Kelvin Partnership
Here at The Kelvin Partnership, we like to make sure our clients are up to date with the latest advice and news! Look at our last post to find out more about how to value your business.
Do you need funding for your start up? The Kelvin Partnership can give you the best advice, contact us today!