Page last updated at 17:08 GMT, Monday, April 30 2012

Financial Support

Financial support can come in a number of forms, from grants to improving access to loans and credit to simply making sure your cash flows more readily.

Eastleigh Borough Council Business Grants

Social Enterprise Grant
This grant is intended to help social enterprises set up or develop in the first 12 months of trading.  The social enterprise should be based in the Borough of Eastleigh. .

What is a social enterprise?

A social enterprise is a business with primarily social objectives whose surpluses are principally reinvested for that purpose in the business or in the community, rather than being driven by the need to maximise profit for shareholders and owners. This grant is currently £500

Application form are available from anne.dawson@eastleigh.gov.uk or call 023 8068 8334

Training Grants
This grant is intended to make a contribution towards training to support and develop local businesses and up skill their employees. The maximum grant will be £250 which can be split between more than one employee. The grant will help towards training for you and/or your staff to help your business develop. Start-up businesses and established businesses can benefit from this grant. If you are a business within your first year of trading, before applying you will need to see an advisor from Enterprise First (Tel: 0845 4587535) These appointments are free and are held locally at Wessex House in Upper Market Street Eastleigh. Established businesses may see an advisor by arrangement.

The applications will be decided by a panel consisting of a business advisor, an elected council member and a member of Eastleigh Borough Council staff. The panel will be held four times a year. Grant funds are limited and not all applications will be successful. Payment will only be made on production of invoice from a training company.

Criteria

• Your business must be based in the borough of Eastleigh
• You must not have received any funding from Hampshire County Council or Eastleigh Borough Council within the last 2 years
• The grant cannot be used to renew current qualifications, registrations or certificates
• You must employ no more than 10 people
• Grants can only be paid for staff currently employed by the business
• You will be required to join Southern Entrepreneurs our business support organisation. Membership is free and will give you access to training, business support and networking
• We cannot allow grants in retrospect – money must not be spent before the panel make their decision.

Complete an application form available from anne.dawson@eastleigh.gov.uk  or 023 8068 8334

European Information Service Centre – Grantnet

There are many grants available from different sources for different kinds of businesses and projects.  The European Information Service Centre website offers a free facility where you can search for the right grant for your business

They have access to all the funding opportunities available to companies, not just from the EU, but from the UK Government, Regional Development Agencies,County Councils and Local Authorities.

Finance South East

Finance South East is a regional funding organisation, with access to a breadth of public and private resources, FSE specialises in the identification, funding and development of ambitious, high potential growth businesses in the South East region.

Other sources of funding

The Green Grants Machine is a free website to help you find the funding on offer to boost your business’s bottom line by improving its environmental performance.  .

On the j4b Grants website you can register for FREE to find out about European grants, UK and Government grants and other sources of funding for your business.

Loans and Credit

Carbon Trust 0% Loans
Interest free loans of up to £500,000 are available from the Carbon Trust to help businesses replace old equipment with new, energy efficient upgrades. No security is required – and the loans scheme is designed so that anticipated energy savings cover monthly repayments.

Transition Fund
This fund is accessed through Finance South East which is a not-for-profit organisation.  It offers short-term loans (up to one year) of up to £150,000 to eligible small businesses facing cash flow issues arising from the adverse financial credit squeeze. 

There are no arrangement fees, no payments are due until maturity and no notice is required for early repayment.

• Find out more about Finance South East

Other initiatives

On 14th January 2009 the government announced a number of schemes aimed at making more credit available to businesses.  These funds should be available from your bank but Business Link can offer advice on how to access them.

• Details of these funds and a quick eligibility check are on the Business Link website

Enterprise Finance Guarantee
This is a government fund which guarantees commercial banks’ lending to small businesses, making more business credit available.  Businesses with turnover up to £25m could be able to borrow between £1,000 and £1m from high street banks, with the loans guaranteed by this fund.  To do a quick assessment of your eligibility, visit the Department for Business Innovation and Skills website

Working Capital Scheme
The purpose of this Working Capital Guarantee scheme is to provide an incentive to banks not to reduce or withdraw working capital lines to sound, creditworthy UK companies. This scheme will guarantee portfolios of bank loans rather than individual loans. The Government will seek a commitment from the banks that they will re-deploy the capital released to support new lending to other UK business borrowers.

Capital For Enterprise Fund
The Chancellor announced a £50m fund to convert businesses’ debt into equity. Government is announcing that this Capital for Enterprise Fund will provide £75 million of equity, made up £50m of Government funds and £25 million from high street banks. This will benefit businesses who have exhausted traditional sources of finance but are viable in the longer-term.

Helping your cash flow

Cash flow, or lack of it, is a serious threat to small businesses, especially during a recession. Business Link can offer general advice on dealing with late payments, through their website and the government and Eastleigh Borough Council are doing their bit too.

10 day payment

In October 2008 the government pledged to pay invoices within 10 working days, and Eastleigh Borough Council matched this pledge.  In the first 3 months 87% of invoices received by the council were paid within 10 working days.

Small Business Rate Relief

Small businesses whose premises have a rateable value of less than £15,000 can apply for small business rate relief.  Rate relief is also available for some charities and community organisations. 

• More information on business rates and rate relief

HMRC carry back and easy payment

Two schemes from HM Revenue & Customs could help your cash flow:

HMRC introduced easy payment terms for businesses facing tax bills that could seriously impact on their ability to do business.  Don't wait until your tax payment is overdue - contact HMRC now to arrange easier payment terms.

HMRC have also extended the loss carry back scheme.  If your business has made a loss this year you can carry back that loss and offset it against profits over the last 3 years, claiming back the tax you have already paid.

Visit the HMRC website for full details and speak to your accountant or financial advisor to find out how to make the most of these schemes.

Business Finance Finder Tool

• Business Finance Finder Tool: will help you explore the full range of financial options available from government grants through to investment types of finance such as Business Angels and Venture Capitalists.