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This is a question we get asked a lot here at Burgis & Bullock
Perhaps it’s a little unfair as the answer is usually “well that depends”, a great Accountant’s answer. But in reality the questions is a little like the old conundrum “how long is a piece of string”.
Without looking at the exact finance requirements, aligned to a detailed and fully costed business plan it’s impossible to direct businesses to the most suitable finance available in their location.
Typically many business owners don’t know where to start to look, and in many cases don’t understand the different types of funding that are available. Helpfully this is where the “Finance Hub” from the British Business Bank can help.
The British Business Bank is a Government-owned, independently-run development bank that’s helped more than 74,000 growing businesses find the right finance option to help them reach their next ambition. Their Finance Hub has been specifically developed to help businesses understand and discover the finance options that could enable them to grow.
The Finance Hub works by guiding businesses through a short series of simple questions to narrow down the most suitable types of finance for the business based on sector, funding needs, and what the funding is required for, although it also gives a comprehensive explanation of all funding options including any that at first pass may have been ruled out.
On a more local level, there’s plenty of help and advice available through the LEP (Local Enterprise Partnerships) Growth Hubs that are based regionally.
If you would like any help regarding funding, or how to produce a business plan and financial forecasts for funders please call us on 0345 177 5500 or contact us using the live chat on this page or click here for a web form.