Tailored Financing And Long Term Support Leads to SME Success
Steve Hammond, Business Adviser at the Welsh enterprise support specialists, Business in Focus, explains why start ups have never been in a better position to find the right financing and start up support for their new venture – and what entrepreneurs need to consider when weighing up their financing options.
For many entrepreneurs, coming up with ‘the big idea’ for your exciting new business is the relatively simple part. It is likely you have been mulling it over, refining your concept, testing the idea out on friends and family, and putting its potential flaws under a microscope for months or even years.
However, getting the right finance in place – or even knowing where to look for the financial backing you need to turn your idea into reality, can be a stumbling block.
But there have never been more financing options for start ups in Wales, or better, simpler access to Start Up Loans on good terms. Business in Focus, an official delivery partner for the Start Up Loans Company, has arranged more than £7million worth of Start Up Loans of all sizes, from a few thousand to £25k, for scores of businesses.
While there are always hurdles to overcome, risks to assess and a lot of pressing decisions to be made when you are entering into a new business venture, entrepreneurs have a lot of choice when it comes to financing – with organisations like Business in Focus, local authority grants, traditional banks, the Development Bank of Wales, even crowdfunding options on hand. Of course, all of these options need careful investigation to see if they are right for you and your business.
At Business in Focus we can facilitate a sound loan application process, but we can also make sure your business has the right foundations in place, by assisting with writing a business plan, working out financial forecasts – those vital nuts and bolts of setting up a business. In fact, our Start Up Loan service comes with the added provision of expert advice from a business adviser for a full year after the loan is secured.
In our experience, even seasoned entrepreneurs appreciate this aspect of the Business in Focus offering – the support we give is long-term. It isn’t simply a case of securing funds and then closing the file, we have a long-term relationship with the start ups under our care and we are working in their long-term interests, many becoming tenants and receiving continued support in our managed offices and workshops.
Over the past few months alone, Business in Focus has helped to secure a Start Up Loan for a fashionable new eaterie in Swansea’s Uplands for an impressive 32-year-old entrepreneur and his business partners; we have helped with a Start Up Loan for an innovative ‘woman-and-van’ courier and handywoman service for an entrepreneur in Pontypridd, and we have supported a number of retailers and manufacturers across the region.
There has never been a shortage of ambitious people in Wales with impressive ideas and with the drive to bring them to fruition. It is a privilege to be part of that process, either by facilitating a Start Up Loan, providing business premises, or offering specialist and general business advice.
For further details about the funding support on offer visit our services page.