Source: Northern Accountants
In recent years, tighter borrowing rules have meant that lending money from banks continues to be difficult (but not impossible). Fortunately, there are also several alternative providers of business loans in Yorkshire who are willing to back the growth plans of small and medium sized businesses in our region. See the best alternative Top 10 business loans Yorkshire can offer:
Business Enterprise Fund
The Business Enterprise Fund is available to start-ups and established businesses in North and West North Yorkshire that have been refused finance from other lending sources. Although four different business loans are available, they must be used for the purpose of starting a new business or expanding an existing business. Payment is also required within 5 to 7 years.
Business Enterprise Start Up Loan
A business loan scheme offered by the European Regional Development Fund, it is aimed at assisting people aged 18 and over who are either looking to launch a business or have recently started to trade and are still in the two-year start-up phase.
Finance Yorkshire - Business Loans
Start-ups and established SME businesses operating in a manufacturing or service sector within the Yorkshire or Humber region can apply for unsecured business loan finance.
Finance Yorkshire – Equity-Linked Investments
Aimed at start-ups, early-stage or growing SMEs in the Yorkshire and Humber region, business loans and equity finance is available for business launch, expansion, development capital or relocation. To be eligible, you must have growth potential, be revenue generating, employ fewer than 250 staff, have a maximum turnover of £43m and operate in a manufacturing or service sector.
Seedcorn Finance Loans
Offered by Finance Yorkshire, this funding is available to early-stage technology-based SMEs in the Yorkshire and Humber region and can be offered in the form of a business loan or equity finance.
Start-up Loans North and West Yorkshire
A personal loan style funding initiative for entrepreneurs aged over 18 wishing to start up a new business in North or West Yorkshire. This loan can be used to fund any business start-up costs, but applicants must pay it back within 3 to 5 years.
Enterprise Ventures SME Loans
Enterprise Ventures focuses on offering business loans to SMEs in the North West, Yorkshire and Humberside region. Loans between £15,000 and £1million are available for most purposes, including stock acquisition, purchasing assets, improving operations and business development.
Whilst business loans can also be secured through traditional lenders such as banks, there are a number of online tools which will allow you to access a whole host of revenue streams. An online funding finder for business loans, How’s Business searches for the Yorkshire finance providers which are best suited to your type of business or sector.
A social enterprise which re-invests profits to deliver economic and social benefits, this initiative puts businesses in contact with providers of fair and affordable loans and finance. It is especially for businesses, people and social enterprises that traditional mainstream lenders are unwilling to support.
At Northern Accountants, they know exactly how important cash flow is to your business – a lack of it can be the difference between success and failure. That’s why we now offer a free no-obligation consultation to help manage your finances more effectively.