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What Are The Sources Of Funding For Small Firms In The UK

If you are a small business, you are probably always looking for ways to improve your cash flow and aid with growth. The topic is even more hot right now as COVID-19 and restrictions surrounding it has completely destroyed a lot of revenue streams, at least for the time being.

Having said that, the government is doing what they can to try and help us out. Here are two examples;

The Kickstart Scheme Grant

What’s it about?

○ The government is trying to provide funding for companies who are hiring new work entrants (16 – 24 years old) on universal credit.

How do you apply?

○ Online at ,

What are the requirements?

○ You must be hiring at least 30 placements. If you do not have positions for 30 placements, you can join a ,‘kickstarter gateway’

○ The job placements must be funding new jobs

○ The placement candidate must work at least 25 hours per week and be paid the minimum wage for at least 6 months

○ The candidate must not be required to undertake extensive training before the begin the job

What can you get?

○ You receive £1,500 for each job placement

○ A Work Coach will select the suitable young people, and you will then interview them and select the best candidate for the role

Coronavirus Bounce Back Loan (BBLS)

What’s it about?

○ This is an option for smaller businesses to receive funding quickly during the pandemic

How do you apply?

○ You can apply through your local bank.

What are the requirements?

○ You can apply for a loan if your business:

  • is based in the UK
  • was established before 1 March 2020
  • has been adversely impacted by the coronavirus

○ You cannot apply for a loan if your business:

■ is a bank, insurer or reinsurers (but not insurance brokers)

■ is a public-sector body

■ is a state-funded primary or secondary school

What can you get?

○ The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.

○ This is a 6-year loan, but you can always repay early without a fee

If you need help with either of these schemes, ,,let us know and we can sit down with you to figure out what is the best financial move for your business at this time!