How the government can help small firms

Entering into the market with your own company can be a daunting task, but there are a number of funds and grants available from the government that can make things a lot easier financially for small firms across the United Kingdom. Today we're going to take a look at some of the things you should keep in mind.

Help is at hand

Despite the fact that many people are completely unaware of the options available to them, the British Government has ensured that there is plenty of help at hand financially for the many small firms that start up across the country every single year.

With statistics skewed against your success, given the fact that the majority of new business ventures will be forced to close within their first three years, times are certainly tough for budding entrepreneurs. And with only one in every five new businesses taking advantage of the schemes available, these figures aren't surprising.

So what's available?

One of the most important schemes available for new businesses right now is the Enterprise Finance Guarantee (EFG). With loans proving difficult things to come across in the current economic climate, this scheme guarantees loans for new small and medium sized businesses which will give them the best possible chance of success.

Another very important scheme is the Capital Enterprise Fund, which offers financial support for new companies that are willing to offer a certain percentage of their company in exchange for cash investment.

Another one to look out for is the Working Capital Guarantee Scheme which, like the EFG, ensures that small companies can access the lines of credit necessary to help them make a real go of becoming successful in their business.

Are these schemes for you?

As with any government run initiatives, each of these schemes come with a wide range of regulations and agreements necessary to ensure that you are genuine when it comes to your need for financial support.

Figuring out if your company ticks all the right boxes can be a tough task, but there are plenty of experts available who can help point you in the right direction.

With so much importance being placed on small firms these days given their role in stimulating the economy, it's not surprising that there are so many new government initiatives taking off.

We recommend finding a reliable and trustworthy small business advisor in your area who can talk you through your company's eligibility for these various schemes.

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