Member Article

Accessing the right finance

With Rachel Moss of Business Link North East

They say money makes the world go round and when it comes to business that couldn’t be more true!

Whether you’re a brand new company that’s just starting out or an established business ready for growth, choosing and securing the right type of finance for your business is essential. So to help North East businesses get the right finance for their company we’ve launched a new online tool to help companies assess their finance options and provide advice on how to attract investment.

There are plenty of occasions when, for a variety of reasons, a business needs to access additional finance in order to maximise its productivity and get the most out of the opportunities that exist. This may be to enable the business to undergo a very clearly defined and planned growth phase, for example when extra expenditure is required for recruitment, premises, equipment or marketing. At the other end of the scale it could simply be that staff are using old and inefficient equipment that needs updating or would benefit from training to bring them up to speed with the latest developments in the industry.

There are many different options for accessing finance, ranging from bank loans and venture capital, to floating on the stock market and grants. Finding the right option for the business will depend on a number of factors, not least what is actually available. This new interactive tool can help by providing a personalised list of the most suitable finance options for your business and an assessment of your readiness to seek such finance. The online tool, which is free to use, takes users through a series of questions before producing a tailored list of options that the business may want to consider. It also addresses the lack of understanding within many small businesses about how to prepare different applications for the various finance options available – such as venture capitalists, business angels, loans and grants.

Naturally, there’s no ‘one-size fits all’ solution so by offering advice on what businesses need to consider for each application, the tool ensures they will be in the best position to secure finance, whichever option is chosen. This tool is just one of the features on the website’s newly enhanced finance and grant section, which also includes other tools, advice and guides across a broad range of areas of business support.

The website enables you to access key information at the touch of a button 24 hours a day, seven days a week and we realise this is no substitute to professional advice so we’re always at the end of the phone. For further information, visit www.businesslinknortheast.co.uk or call 0845 600 9 006.

This was posted in Bdaily's Members' News section by Ruth Mitchell .