Obtaining finance is a perennial issue for businesses.
But there are probably more options than ever before, with specialist and peer-to-peer lenders offering alternatives to the high street banks.
In this podcast Mike Robinson, an asset finance broker and partner in Mulberry Asset Finance in Burton-in-Kendal, explains what’s available.
And we introduce the Northern Powerhouse Investment Fund, which offers loan and equity finance to Cumbrian SMEs.
There’s more in the ‘Financing Your Business’ section of the Cumbria Business Growth Hub website, or call the Growth Hub on 0844 257 84 50.
The Northern Powerhouse Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
The NPIF covers the following LEP areas: Tees Valley Combined Authority, Greater Manchester, Cheshire and Warrington, Cumbria, Liverpool City Region, Lancashire, Humber, Leeds City Region, Sheffield City Region, York, North Yorkshire and East Riding.
The project is receiving up to £140,359,192 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information click here.
The funds in which Northern Powerhouse Investment Fund invests are open to businesses with material operations, or planning to open material operations, in, Yorkshire and the Humber, the North West and Tees Valley.
The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available here.