It is very hard to start a business or help it grow. SMEs can get a lot of help from the government in the form of advice, support, and money. But it’s harder than it sounds to understand it and get to it.
In this article, we’ve put together a guide to the most helpful government services. Here, you’ll find out what kinds of national and local help are available for small business loans, as well as how and where to get it.
Helpline for the national business community
The Business Support Helpline is one of the most important ways the government helps businesses.
The service gives advice, support, funding, and tips on how to improve a business to people who want to start a business or who already have one. The helpline gives out important national information and point people in the direction of local help.
Businesses in England can talk to a business support advisor from 9 a.m. to 6 p.m. (Monday through Friday) by calling 0800 998 1098 or sending an email to [email protected]. Businesses can also use their LiveChat to ask questions or connect on Twitter, Facebook, or YouTube. Scotland, Wales, and Northern Ireland all have different rules.
Business help close to home
In the whole country, there are 38 growth hubs, one for each Local Enterprise Partnership (LEP). Businesses can get funding, advice, and other help from their local growth hub. LEPs are partnerships between local governments and private businesses in the area that are led by businesses. They want to help the economy grow and create jobs, as well as improve infrastructure and train people to do better jobs.
Financial support
The British Business Bank’s Start Up Loans Company gives out loans of up to £25,000.
You might be eligible if you have a great idea for a business or have been in business for less than 36 months. Those who are chosen get free mentoring for a year. One to five years can be used to pay back the loans. You have to be at least 18 years old and live in the UK.
With loans worth more than £800 million, the scheme has helped more than 90,000 businesses.
Seed Enterprise Investment Scheme
The Seed Enterprise Investment Scheme (SEIS) is a way for businesses to get up to £150,000 in investment.
If you’ve been in business for less than two years and don’t have more than £200,000 in assets, you can use SEIS to give investors a reason to help you grow. The goal of the scheme is to help businesses raise money by giving tax breaks to individual investors who buy new shares in your business.
You must follow a number of rules if you want your investors to be able to claim and keep SEIS tax reliefs for their shares. Before you apply, make sure to read the instructions carefully.
Enterprise Investment Scheme
Through the Enterprise Investment Scheme (EIS), businesses can get up to £5 million each year and up to £12 million over the life of their business.
Like SEIS, this is a venture capital scheme that helps companies raise money by giving tax breaks to individual investors who buy new shares in your company. EIS, on the other hand, is for businesses that are already up and running.
