Small Business Support Guide for the UK
Managing a small or medium sized enterprise (SME) in the UK can sometimes feel financially restrictive. While many may struggle to access private funds, there are government backed schemes available. Although some are available throughout the UK, others are restricted to England, Wales, Scotland, and Northern Ireland respectively.
Starting a new business
The government offers advice for those who are starting a new business. This includes researching the market and developing a business plan, both of which are essential when seeking funding from private or public schemes. After this, new entrepreneurs need to find partners and suppliers, then register the business, before looking for funding.
Business funding schemes available throughout the UK
There are several lending programs supported by the government throughout the UK.
Enterprise Financial Guarantee Scheme
Under the Enterprise Financial Guarantee scheme, the government backs up to 75 percent of the business’ loan, and a private lender covers the remaining 25 percent. It is available to businesses with an annual turnover under £25 million, and they can borrow between £1000 and £1 million over a 10-year period.
There are some restrictions businesses should be aware of. The coal industry is not covered, and some areas of agriculture, forestry, finance, and transport are excluded.
Enterprise capital funds
Rapidly growing SMEs can access a £1 million investment over a 10-year period, which is partially backed by the government. There are no restrictions, but most of the successful applications have been granted to high-tech businesses. This scheme transferred to the British Business Bank in 2014.
Funds for England only
Local Enterprise Partnerships
Local Enterprise Partnerships are largely available in areas where local employment is dependent on the public sector. For example, the North East. Businesses that can meet employment deficits in a local area may be able to access grants under the partnership scheme. Read more »
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