I have a unique business idea, how can I fund it?
I am confident in developing my product, how do I access other specialist support?
How do I prepare a professional funding application?
Will the Welsh Government subsidise a private business as well as a social enterprise?
Am I eligible for support?
Funding a good idea
You are an entrepreneur with a good business idea and you are keen to develop it further. You may have a small amount of money to set up a website or buy some equipment, but just how do you sustain your business long term or access that larger pot of money?
The good news is that the Welsh Government and European Union (EU) are keen to invest in entrepreneurs that want to work to enhance the local economy. A huge number of grants, loans and funds are available to serious business contenders. Funded support encompasses private, social enterprise and charitable business types and multiple industry sectors including food, agriculture, fisheries and tourism.
In addition, businesses can benefit from bank loans, ‘angel finance’ (investment from a business partner) or ‘crowd funding’ (multiple contributions).
Planning for success
If funded support is essential for your business and you are serious about applying, it is vital you can demonstrate that you understand your business well. Funding bodies favour ideas that are feasible and business owners that have a comprehensive business or project plan, with detailed financial forecasts. This is where Landsker has the skills and knowledge to assist, guiding you to prepare a professional and credible application.
- Since inception, Landsker has helped clients access funding in excess of £50 million, with an acceptance success rate of over 95%
- We have the advantage of direct relationships with key funding bodies, meaning we are at the forefront of governmental changes and eligibility criteria
Grants to grow your business
Running a business requires drive, good planning, tonnes of hard work, time and most crucially, cash flow.
You may want to run a boutique bed and breakfast but you need funding to purchase the property. You may want to build a micro-brewery and need some cash to invest in machinery. You may want to run a social enterprise and need some help to pay your staff and cover key running costs for the first twelve months. Your charity may need regular cash injections to ensure it can fulfil its good cause.
The range of opportunities for grants is a constantly changing arena and unfortunately there isn’t a ‘one fits all’ scenario. The key things to note about grant funding are:
- Different funding bodies have different eligibility criteria
- The majority of grants require at least 50% personal investment (some require 100% investment upfront before reimbursement)
- Some charitable or social enterprise projects can be 100% funded
- Some grants are ‘competitive’ (several applicants will compete for one pot of money)
Grant funding has enabled hundreds of businesses in Wales to move from the drawing board into reality.
Grants for business support
Government objectives define which business sectors receive financial support, which results in initiatives referred to as ‘funded programmes’. As accredited consultants on various funded programmes, Landsker is able to assist you free of charge or at a subsidised rate with various business essentials, including business planning and operations, money matters including grant applications, people management and marketing activity.
If your business idea meets the criteria of a current funded programme, you are eligible for general business support. Funded programmes range in length and eligibility – give us a call to see how your business can benefit.
If you are confident about your business idea, arranging capital in the form of a business loan is an alternative way to finance the essentials and in some cases, can be used to match-fund approved grant funding. Business loans can be interest free, government-backed or repayable with interest. Similar to the application process for grant funding, lenders are looking for credible people with feasible ideas to ensure they are investing in the right projects.
The Landsker team have a thorough understanding of the financial lending market. We can direct you to relevant opportunities and assist with a professional application. If you want to increase your chances of success, Landsker is happy to help.
Are you eligible?
To find out if your business is eligible for funded support and before you discuss other forms of finance, consider the following information:
- Your industry sector
- The location of your business
- What you need the money for
- The total cost of the project
- Will the project create or retain jobs?
Once you have established this key information, drop us a line and we will contact you for an informal chat.
- Local Investment Fund (LIF)
- Single Investment Fund (SIF)
- Tourism Investment Support Scheme (TISS)
- Assembly Investment Fund (AIG)
- Regional Selective Assistance Grant (RSA)
- Environmental Goods and Services (EGS)
- Welsh Economic Growth Fund (WEGF)
- Sustainable Development Fund (SDF)
- Rural Conversion Grant
- Supply Chain Efficiency (SCE)
- Knowledge Exploitation Fund (Scholarship) (KEF)
- Intellectual Property Grants (e.g. Patenting)
- Digital Tourism Business Framework Grant
- Advanced Materials and Manufacturing SME Growth Fund
- Supporting Farmers to Diversify Grant
- Young Entrants Support Scheme (YESS)
- Process Marketing Grant (PMG)
- European Fisheries Fund (EFF)
- Coalfields Regeneration Fund
- Sport Wales
- Football Association Wales (FAW)
- Arts Council of Wales Funding
- Big Lottery Funding
- Community Facilities Activities Programme (CFAP)
- Coastal Communities Fund
- Heritage Lottery Fund
- People and Places
- Church In Wales
- Paul Getty
- Lankelly Chase
Other sources of Finance
- Bank Loans
- Invoice Financing/factoring
- Repayable Business Finance (Interest free)
- Finance Wales
- Pembrokeshire Lottery (Interest free)
- Carmarthenshire Lottery (Interest Free)
- Small Business Loan Guarantee Scheme
- Enterprise Finance Guarantee Loan
- Community Share Schemes
- Angle Finance
- Import Loans
- Stocking Loans
- Jobs Growth Wales
- Go Wales
- Training Grants