Latest Business Support
Accessing business support will not halt the recession but it might be able to help your company through the very difficult trading environment at the moment. This page will be regularly updated over the coming weeks with the relevant links to support available.
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Enterprise Finance Guarantee
In the current climate, businesses are finding it increasingly hard to access the finance they need, particularly working capital. This is not because the business has suddenly transformed from a success to a failure; but because the current economic conditions has made a significant impact on the availability of capital as the banks change their approach to risk and tighten lending conditions. Under the Enterprise Finance Guarantee, the Government will guarantee lending to viable businesses to ensure that they can get the working capital and investment that they need.
This £1.3bn scheme will support bank lending, of 3 months to 10 year maturity, to UK businesses with a turnover of up to £25 million who are currently not easily able to access the finance they need. It will enable them to secure loans of between £1,000 and £1 million through the Government guarantee and is available up to 31 March 2010.
The guarantee can be used to support new loans, to refinance existing loans where the loan is at risk due to deteriorating quality of security, or to convert an existing overdraft into a loan to release capacity to meet working capital requirements.
The Enterprise Finance Guarantee is available now through 26 lenders. More on the EFG is available on the BERR website.
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Business membership organisations:
Now is the time that business membership organisations can really help local firms with advice and information, services and networking:
Federation of Small Businesses
Hull & Humber Chamber of Commerce
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Local support:
The Acorn Fund is a Hull based grant and loan fund. It is funded by Hull City Council and managed by Hull & Humber Chamber of Commerce. More details are available here.
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Government or publicly funded business support
The Government's Department for Business has announced various measures designed to help business during the recession including new business funding and training support. Click here to access ‘Real help for business now’…
HMRC have introduced a Business Payment Support Service where some companies can defer tax payments such as PAYE, NICs and VAT to ease cashflow. This service can be accessed by calling 0845 302 1435. Click here for further details.
Yorkshire Forward’s website has an excellent list of links to help on access to finance, training, exports etc. Click here for more…
Business Link Yorkshire is funded by Yorkshire Forward as the primary access point for public funded business support in Yorkshire and the Humber. Click for more…
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European Support
The Enterprise Europe Network is your local gateway to a wealth of information on doing business, finding collaborative partners and increasing your competitiveness in Europe.
http://www.ee-yorkshire.com/yf/
- Hull Youth Enterprise Partnership
The Hull Youth Enterprise Partnership is your local Network with a wealth of information on helping young entrepreneurs and the opportunity to seek grants from Hull's Youth Enterprise Bank for those aged 19 and under.
More details are available here: www.youthenterprise.co.uk
If you have found another business support organisation or service useful at this time and think they should be listed on this page, call the Forum on 01482 324976 or email us.
