Archive for the ‘Business Finance Tips’ Category

Tips and Tricks for Securing UK Grant Funding

Posted on: December 10th, 2017 by blsuser1 No Comments Tags: , , , ,
Posted in Business Finance Tips

A guest article from Innovate UK…

Establishing a grant can be an extremely attractive option for any business. With over 200 available in the UK, and with many not requiring equity stakes or repayments, it’s an obvious choice when looking for additional funding.

But how do you go about finding the right one for your business and what can you do to help increase your chances of qualifying? We’ve put together some tips and tricks to help you secure your UK grant.

Explore Your Options

You’ll need to look around at all different types of grants in order to find the one that best fits your business. Make sure to be aware of both regional and national opportunities, as some funding is only available for certain geographical locations.

You can view an extensive list of government grants here by choosing your industry type and browsing the available selections. Be aware that some sectors attract more support than others. For example, manufacturing and tech businesses have significant financial interest, and will have a more diverse range of options as a result.

You may also be allowed access to the Regional Growth Fund (RGF) programme. These schemes are run by universities, chambers of commerce and local authorities. Funded through awarded RGF money, they can offer grants or loans to suitable business, and are exceptionally useful for business growth if you are unable to find additional funding from other sources.

Ensure You Are Eligible

There’s nothing worse than wasting time and resources applying for a scheme you have no chance of securing. To avoid later frustration, ensure that you’ve read all grant scheme documents fully and are familiar with the eligibility criteria. Many applications have specific conditions that you’ll need to be aware of.

You’ll also be required to provide information such as your business size, type, previous funding history, reasons for applying and your industry sector. An appreciation of the process is also essential.

Make certain that you’re aware of grants that look to match your investment – you’ll need to have funds in place before applying to these.

Preparation is Paramount

It’s common knowledge that preparation pays off, and grant funding is no exception.

Applications require considerable amounts of information, so you’ll need a strong business plan, realistic sales projections, cash flow and profit/loss forecasts in place before approaching any scheme.

Outline how you’ll meet the requirements of your application. Be detailed and demonstrate a business plan that’s appropriate for the specific grant you’re seeking. Outline what success means for your business and show an extensive understanding of your product and service.

Some grants are time-limited, so apply as quickly as possible to increase your chances of maximum funding.

Be Aware of the Alternatives!

A grant isn’t necessarily the best option for every business. If this is the case, don’t panic! There are plenty of alternatives that can help.

For example, ‘soft’ loans offer lower interest rates and more relaxed terms than other lending options. They can reach a maximum of £25’000 and are government-backed. Often you’ll only need to repay once you’re making a profit, and access to free business support and mentoring is also available.

Useful Schemes and Sites

UK Export Finance is ideal for companies looking to export overseas, providing independent business development and economic advice as well as a range of financing terms.

The Prince’s Trust Enterprise programme focuses on younger applicants aged between 18 and 30. Offering training, mentoring and funding support, it’s worth viewing if you’re in need of backing.

Looking for examples of other businesses and how they approached their grant opportunities? The Small Business website has a wide range of case studies on positive growth from funding and offers guidance, tips and recommendations on how to ensure success.

Innovate UK

For more advice and in-depth discussion, follow Innovate UK on Twitter or subscribe to our YouTube channel.

How to Improve Your Business Credit Score

Posted on: October 25th, 2017 by blsuser1 No Comments Tags: , , , , , , ,
Posted in Business Finance Tips

Many business owners don’t realise the importance lenders place on their business credit score. Having a strong credit score plays a significant part of the lender’s assessment.

In this video we share 7 tips from Ratesetter Business Finance on how to improve your business credit score.

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.

Raising Business Finance: Overcome The Challenges

Posted on: October 22nd, 2017 by blsuser1 No Comments Tags: , , , , ,
Posted in Business Finance Tips

Raising business finance can be challenging. Business Loan Services is all about taking that challenge on board, leaving you to run your business.

Raising Business Finance: Sectors We Have Supported

Posted on: October 17th, 2017 by blsuser1 No Comments Tags: , , , ,
Posted in Business Finance Tips

Here’s a quick look at some of the business sectors we have supported in raising finance.

How Do Banks Assess Your Finance Request? The CAMPARI Framework – Part 2

Posted on: August 19th, 2017 by blsuser1 No Comments Tags: , , , , , , , , , ,
Posted in Business Finance Tips

Once again, as we’re in the middle of the holiday season, we’re still on our brief break in our usual weekly Bulletins.

Following on from last week’s look at “How Do Banks Assess Your Finance Request?”, we now move on to Part 2.

As outlined in Part 1, when applying for business finance, it’s useful to understand what lenders are looking for.

In this second session, we continue our review of the CAMPARI framework which banks follow when reviewing a finance request. We will be sharing the last three elements which focus on the amount you want to borrow, how you’re going to pay it back and how you can reduce the risk the bank is taking.

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.

If you missed the first part of this mini-series you can check out Part One here.

How Do Banks Assess Your Finance Request? The CAMPARI Framework – Part 1

Posted on: August 12th, 2017 by blsuser1 1 Comment Tags: , , , , , , , , , ,
Posted in Business Finance Tips

When applying for business finance, it would be useful to understand what lenders are looking for. In this first of videos, I will be sharing a framework which guides banks when assessing a finance request. Understanding the framework, referred to as CAMPARI, means you can be better prepared when presenting your request.

In Part One, I reveal the first four elements of CAMPARI.

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.

In Part 2 we continue our look at the CAMPARI framework – check out Part 2 here.

Buy To Let Mortgages – Important Changes to Borrowing Assessment

Posted on: August 7th, 2017 by blsuser1 No Comments Tags: , , ,
Posted in Business Finance Tips

Here is a useful overview from Shawbrook Bank on the changes being implemented on 30th September 2017 in respect of Buy to Let mortgages for those landlords holding more than four properties.

The changes, which are being brought in by the Prudential Regulatory Authority (PRA), will make it more onerous in terms of the information required by lenders when assessing a new Buy to Let mortgage.

If you would like to know more about these changes or wish to discuss how you can apply for a Buy to Let mortgage just contact us.

A Short Term Business Loan Can Ease a Cashflow Problem

Posted on: May 15th, 2017 by blsuser1 No Comments Tags: , , , , , , ,
Posted in Business Finance Tips

For more information on short term business loans and whether it can work for you, simply contact us for a no-obligation chat.

So Why Exactly Did Your Bank Say ‘No’?

Posted on: January 29th, 2017 by blsuser1 No Comments Tags: , , , , , , ,
Posted in Business Finance Tips

It can be frustrating when you are in desperate need of finance to expand your business and you get a resounding ‘no’ from your bank.

Why have they refused?

Very often it’s a reason which, if you had known about at the start of the process, you could easily have addressed.

The old saying ‘forewarned is forearmed’ is very apt in this case.

In this podcast BLS’s Rob Warlow talks about the 7 reasons why a bank would say ‘no’. Take notes and get yourself prepared for the next encounter with your bank!

Cashflow Problems? A Short Term Business Loan May be the Answer

Posted on: January 17th, 2017 by blsuser1 No Comments Tags: , , , , , ,
Posted in Business Finance Tips

For many businesses, certain times of the year can be a struggle when it comes to juggling cashflow; you may be a seasonal business, you have a growing list of overdue invoices and to cap it all you may be faced with your quarterly VAT bill or personal and business tax.

What can you do?

Whilst chasing overdue payments is a given it’s easier said than when your customers may be facing exactly the same cashflow crunch that you are.

One little know option is to look at a short term loan.

Short term loans are ideal way of quickly replenishing cash to cover outstanding creditors, Corporation Tax, VAT, PAYE or NI arrears. They can also be used to supplement your working capital requirement to allow you to purchase stock upfront with cash, thereby potentially allowing you to negotiate better terms.

Short term loans can be granted very quickly with a minimal amount of information. Decisions are based on the quality of your credit file, the operation of your bank account and past financial performance.

If your application is approved then funds can typically be released within 24 hours, sometimes the same day. Short term loans are for periods from one month upwards with flexible repayment terms and can either be repaid daily or monthly.

The speed of decision and access to funds does come at a cost in terms of a higher interest rate and fees than you may be used to but these can be offset against the speed of decision and swift access to the funds.
If you’re in need of cash boost and want to know more then get in touch and we can chat through your options.

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What Our Clients Say

  • Further to your recent presentation at LEAD Wales just wanted to say it was very refreshing to see somebody talk passionately and positively about finance, very insightful!

    Kay Hyde | Hyde & Hyde Architects
  • Rob delivered a series of 3 workshops aimed at understanding how finance houses look at finance propositions with the aim for us as a team to deliver more of a bespoke offering to our customer base. The training was delivered to a mixture of staff who work with new businesses start-ups and existing established businesses across Mid & South West Wales. Rob delivered the training with an abundance of passion and has really helped my team look at financial propositions in a different light, many thanks again Rob and I look forward to work with you in the near future.

    Shayne Yates | Welsh Government Regional Centre Service Mid Wales
  • Rob kindly agreed to attend the recent Pontypridd RFC sponsors networking evening and delivered what can only be described as an excellent talk on 5 Tactics to Boost Your Business and Your Profits. He kept the audience engaged throughout and the feedback from everyone was excellent. Rob is very knowledgeable on business and finance and on top of that is a genuine nice guy. We hope to have him back at a future event and I have no hesitation in recommending Rob’s services.

    Angela Holloman-Coombes | Connective HR
  • Hi Rob, it was so interesting and entertaining listening to you at the Kevin Green Wealth Coach Workshop in Reading this weekend! I didnt realise you can find Finance proposals such fun!. Brilliant tips! Thanks.

    Gaz Jabeen | Bollywood Burn Out
  • I wanted to thank you for such an insightful, energetic, and entertaining talk at the Kevin Green Wealth event on securing funding and creating a successful plan. It was brilliantly executed and a pleasure to listen to and the ideas I’ve learned are definitely going to help me in going forward.

    Max Cooper of Manchester

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