|So you’re looking to grow – but you need funding. What are your options?
This is where an AIMS accountant can work with you to secure the right level of funding for your business or start up. The main source of funding remains banks but there are other options. Whatever route you choose, you’ll need to present a business case and financial information in a professional and structured way, including a cash flow forecast.
Funding Options for SMEs
Apart from the traditional banks, there are specialised lenders who work with business owners to provide alternatives to high street banks. These lenders are often more willing to work with businesses that traditional banks wouldn’t give loans to.
Crowd funding, or peer-to-peer lending has rocketed over recent years and maybe worth exploring, especially if you have a business which is a bit different, has a strong pitch and captures the imagination.
Venture capital funding is an option for early-stage businesses with high growth potential. This funding may also come with additional mentoring or business support and could be valuable for some business owners.
There may be Government grants available for SMEs and it’s worth exploring any regional growth grants. For example, Innovate UK provides grants for research and new ideas. The LEP network is there to support SMEs and is a good source of local initiatives.
There are other grants for things like taking on apprentices or for installing high speed broadband, which may help you with your business growth plans.
So much depends on your situation and ambitions, so it’s worth taking professional advice and enlisting an accountant to help you with applications. AIMs accountants are based around the UK and are skilled in securing funding for SMEs. You can find your nearest AIMS accountant here: