Business finance
Sources of business finance are listed below.
The government's flagship scheme is the:
Enterprise Finance Guarantee Scheme
In the current climate, businesses are finding it increasingly
hard to access the finance they need, particularly working capital.
This is not because the business has suddenly transformed from a
success to a failure; but because the current economic conditions
have made a significant impact on the availability of capital as
the banks change their approach to risk and tighten lending
conditions. Under the Enterprise Finance Guarantee, the Government
will guarantee lending to viable businesses to ensure that they can
get the working capital and investment that they need.
The guarantee can be used to support new loans, to refinance
existing loans where the loan is at risk due to deteriorating
quality of security, or to convert an existing overdraft into a
loan to release capacity to meet working capital requirements.
Other schemes and further information are available from
the
Department of Business, Innovation and Skills.
Business Payment Support Service
Her Majestys
Revenue and Customs introduced a new, dedicated Business
Support Service designed to meet the needs of businesses affected
by the current economic conditions.
Refused by mainstream banks?
CART is Cumbria’s only
Community Development Finance Institution (CDFI) and the only rural
CDFI in the north of England. This is a sustainable, independent
organisation providing financial services across Cumbria with the
aim of creating social improvement and business development
returns.