Business finance & grants
This section is for anyone looking for advice on the types and sources of funding available for their business. This includes businesses that are starting up as well as those seeking to expand. The information provides an overview of the bank finance, non bank/equity finance types.
How can I get finance for my business?
Financial considerations are intrinsic to all business activity. Money and credit are just one of the factors which business people use in order to create and develop their businesses. The role of finance in a business depends on what an entrepreneur is planning to do.
There are a large number of financial facilities and products, and, in some of these, financial support is only part of the deal. There is a basic difference for example between a bank offering a commercial loan, and a venue capital provider which provides financial support in the form of an equity investment.
The answers to the question "how can I get finance for my business" are therefore various and depend on, amongst other things:
- the type of business, and where it is in its life cycle
- the owner's plan for the business, and for what reason financial support is required
- the financial status of the business, and (sometimes) the owner's personal financial status
- the commitment of the owner to the business, and the plans for the business
More general information about business finance can be found on Gov.uk website.
For all matters relating to financial support for business, it is also well worth visiting betterbusinessfinance.co.uk.
If you are thinking of becoming self-employed, there are available workshops that will help you explore whether self - employment or starting a business is the best option for you. For more information please visit Newable website.
Start Up Ready grants scheme
Entrepreneurs who complete the councils Start Up Ready course, a 4 day intensive start-up programme, course will have the opportunity to apply for grant funding of up to £5000 to support the launch of their new business. Individuals who express an interest in applying for the grant will be required to complete an application form and pitch to an independent panel of judges. Find out more about the Start Up Ready.
SME Energy Improvement Grants up to £5,000 available
Tower Hamlets Council is making available grants to support Small & Medium Enterprises (SMEs) to make energy efficiency improvements to their premises. Any project that will lead to a reduction in your energy sources.
Grants can be used to cover up to 50 per cent of the costs of any improvements (up to a maximum of £5,000).
Grants are only available to SME's whose premises are in Tower Hamlets.
Get more information and apply now or contact us on THEnergy@towerhamlets.gov.uk