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Funding

Thu, 02 October 2008

Everyone needs money to support their business idea(s), but sadly there aren’t many grants around and the ones that are available tend to be for small amounts of money, or very specific about what they will or won’t pay for.
One of the most common questions we get asked here at Shell LiveWIRE is “where can I get funding for my business?”
 
Everyone needs money to support their business idea(s), but sadly there aren't many free grants around and the ones that are available tend to be for small amounts of money, or very specific about what they will or won’t pay for.
 
Furthermore, although grants are appealing because they are seen to be ‘free’ and ‘no strings attached’, the application process can sometimes be slow and laborious so you need to decide if it’s really worth your while or if you’re better off looking elsewhere.
 

Sources of Funding

Instead of looking to cover all your costs with grants, it’s much more likely that you will have to finance your enterprise from a range of sources including;
  • Grants
  • Loans
  • Competitions (such as our own awards)
  • Private Investors/Business Angels
  • Crowdfunding
  • Personal savings
  • Family or friends
Responsible Finance provides a handy list of organisations providing funding across the UK, whilst the National Enterprise Network website shows all the Local Enterprise Agencies that can help you raise funding or at least point you in the right direction.
 
Organisations like Business Gateway (Scotland), Business Wales, NIBusiness, and UnLtd can also provide access to funding, and don’t forget to contact your local authority too as most (if not all) will have an enterprise team whose role it is to help new businesses in the area, and may be aware of special incentives, rates or schemes to get you started.
 

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