The following are finance schemes that support entrepreneurs.
StartUp Loan Scheme
Provides advice and start-up finance (around £2,500) for 18-30 year olds looking to start and grow their own businesses.
Enterprise Finance Guarantee (EFG) scheme
Providing, subject to demand, up to £2bn of additional lending. Budget 2012 announced measures to incentivise lenders to lend more to smaller businesses by raising the level of lenders’ EFG portfolios to which the Government guarantee applies from 13% to 20 % for 2012/13.
Government’s Enterprise Capital Funds programme
Providing for more than £300m of venture capital investment to address the equity gap for early stage innovative SMEs with the highest growth potential. Eleven funds have been launched since 2006 and more than £150m invested in companies.
Business Angel Co-Investment Fund
The £50m Fund invests with syndicates of business angels who are interested in investing in SMEs in qualifying areas of England.
UK export finance
Provides trade credit insurance to exporters and guarantees to banks to support UK exports. Since May 2010, UKEF has supported over £235m of export contracts under its short-term products, while providing support of £6.6 billion across its entire product range.
www.ukexportfinance.gov.uk or call the customer helpline on: 020 7512 7887.
A premium service that will help up to 26,000 SMEs achieve their high growth potential over three years. Working with an experienced coach, qualifying businesses will receive a focused growth plan, masterclasses, networking and peer to peer support from a high growth community. SMEs can also benefit from developing their leadership and management capability.
New Enterprise Allowance
Help for unemployed people who want to start a business, with an emphasis on sustainability and growth potential. It is available to people aged 18 and over who have been claiming Jobseeker’s Allowance (JSA) for three months or more. The NEA has been available across Great Britain since the end of August 2011. Performance data to the end of February 2012 shows that 12,050 claimants have started working with a NEA business mentor and 4,560 claimants have started claiming the NEA weekly allowance.
Get Mentoring is a public/private sector partnership, grant assisted by BIS and GEO and led by the Small Firms Development Initiative, to recruit 15,000 volunteer business mentors.