Finance
Banks
Banks support business owners and they have specialists to sort out their businesses. You can set up an overdraft but you will pay additional money in being in your overdraft.
Savings
Using your savings is brilliant because you do not need to pay back interest. Ask your family or friends to help you out but they would likely need to get paid back. If your business fails, then you will lose your savings or your family and friends.
Grants
Grants normally take a while to come through but they are useful because it is tax free money which should not be turned down because it can enhance your business. £5.2 billion is available through grants and that is because entrepreneurs create jobs which helps the government.
Crowdfunding
Crowdfunding is raising small amounts of money to support a business with the investors getting a small amount of interest from it. These investors are generally very wealthy as well.
Loans
45% of people borrow money from the banks now which is low for them due to companies using profits. Loans are good to start off a business however you pay them back in interest. It is a quick fix.
Business Angels
Business Angels are people who have lots of money and want to invest in your business who are experts. It is like Dragons Den because they want a high stake in the business for their money.
Foundation East
Foundation East looks at businesses and decide if it will be a success or not. It is high interest but you get a mentor with expertise for 6 months to help you and they give you knowledge while starting up your business.
"“It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.” - Richard Harroch, Venture Capitalist." (Entrepreneur, 2017)
“"Don’t worry about funding if you don’t need it. Today it’s cheaper to start a business than ever.”- Noah Everett, founder Twitpic." (Entrepreneur, 2017)
Banks support business owners and they have specialists to sort out their businesses. You can set up an overdraft but you will pay additional money in being in your overdraft.
Savings
Using your savings is brilliant because you do not need to pay back interest. Ask your family or friends to help you out but they would likely need to get paid back. If your business fails, then you will lose your savings or your family and friends.
Grants
Grants normally take a while to come through but they are useful because it is tax free money which should not be turned down because it can enhance your business. £5.2 billion is available through grants and that is because entrepreneurs create jobs which helps the government.
Crowdfunding
Crowdfunding is raising small amounts of money to support a business with the investors getting a small amount of interest from it. These investors are generally very wealthy as well.
Loans
45% of people borrow money from the banks now which is low for them due to companies using profits. Loans are good to start off a business however you pay them back in interest. It is a quick fix.
Business Angels
Business Angels are people who have lots of money and want to invest in your business who are experts. It is like Dragons Den because they want a high stake in the business for their money.
Foundation East
Foundation East looks at businesses and decide if it will be a success or not. It is high interest but you get a mentor with expertise for 6 months to help you and they give you knowledge while starting up your business.
"“It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.” - Richard Harroch, Venture Capitalist." (Entrepreneur, 2017)
“"Don’t worry about funding if you don’t need it. Today it’s cheaper to start a business than ever.”- Noah Everett, founder Twitpic." (Entrepreneur, 2017)