access to finance

Small Business Finance: What you need to know

Small Business Finance: What you need to know

For any business, initial funding is a crucial element of success, but raising finance will almost certainly be the most difficult element of starting and running a business. Thankfully, you have an array of options open to you when it comes to raising finance. Before proceeding to raise finance, you should first ensure your business plan is economically sound. If it is, you should be able to build a solid financial base if you know what you are doing. This article should serve as an introduction to financing your business. It will cover how to assess your funding needs, then explore the multitude of different funding options – exploring your options for external investment, bank finance, and other finance options. How do I know how much finance to seek? To identify your funding needs, fol... »

Small Businesses Losing Money Due to Inefficient Petty Cash Systems

Small Businesses Losing Money Due to Inefficient Petty Cash Systems

On average, UK small businesses lose £355 a year due to insufficient petty cash systems, with 43% admitting that the biggest barrier to effectively monitoring petty cashflow was misplaced receipts. Worryingly the research, conducted by Argos for Business, found that 15% of employees did not know how the petty cash system worked at their small business employer, with 37% believing it was the responsibility of the finance department and 15% blaming line managers for misplaced cash. Complicated processes was the second biggest obstacle to the effective management of petty cash at 12%, and healthcare and retail were the largest sectors affected by the issue, with 17% and 12% respectively. Danny Clenaghan, managing director at Argos for Business, said: “While petty cash is often considered a sm... »

Half of Small Firms Feel Government is “Out-of-Touch” with Their Needs

Majority of small and micro businesses find new export, childcare and employment law policies have had no impact on their business, according to Simply Business survey A new Simply Business report has revealed over half (56%) of small and micro-businesses feel that the government misunderstands their needs, with the majority stating that changes to exporting (81%), childcare (77%) and employment (69%) laws have had no influence on their business. The survey, titled Simply Britain Pulse Check, found that some policies have actually hindered small firms’ growth; with 33% of respondents singling out new red tape policy, 25% energy prices and overheads, and 21% access to finance. The report also revealed the main changes businesses want to see to increase their chances of financial growth, as ... »

Lending Clinics Boost Small Firms’ Access to Finance

Small firms seeking bank finance can access free advice on successful loan applications, following the launch of a series of lending clinics by Barclays. During the sessions, business owners will be able to get advice on how to best prepare for a loan application and find out about alternative sources of finance such as angel funding. The events, part of a campaign designed to give businesses the confidence to borrow, will be run by senior banking staff as well as representatives from business organisations such as the British Chambers of Commerce and Local Enterprise Partnerships. More than 85 of the free clinics are planned around the UK throughout October and November in locations including London, Glasgow, Leicester and Southampton. They are open to non-Barclays customers and most will... »

Rowlands Growth Capital Review

Small and medium sized businesses, banks, industry representatives, regional agencies, venture capital experts and academics were today invited to give evidence to the Rowlands Growth Capital Review. The review will determine if Government intervention is needed to ensure adequate finance will be available to firms as the economy improves. Historically the period immediately following a recession is when small and medium sized businesses find it most difficult to access long term growth finance. It is also when demand for this type of finance is strongest. Business Secretary Lord Mandelson said: “Small businesses will play an important role in the recovery of the British economy. These businesses now have the opportunity to contribute to our thinking on the frameworks we will need to... »