Business Funding in the North East

Posted By: Helen Monday 10th February 2020Tags: , , , , ,

When running a business costs quickly mount up. Marketing budgets, purchasing new equipment, employee wages, software, hardware, IT support; the list goes on. What’s important however is managing these outgoings successfully. At LaneSystems we can help you with the business funding process and our blog today offers helpful information on saving money this way.

Can I get a grant?

Unfortunately the days of grant applications for business are pretty much gone. That said there are some fantastic, fully funded training opportunities that could propel your business forwards.

Business Funding Opportunities

FinanceCamp: Through a series of workshops FinanceCamp gives company owners the tools required in both gaining and preparing for investment. Once everything is firmly in place the team will connect you with the right people who can make investment a reality. Funding is available from £1000 startup loan to multi million pound investments.

RTC North: Contrary to what we’ve discussed above regarding a lack of available grants, RTC North provides funding to support innovation. This project based funding covers the development of new products and services, leadership skills and strategic planning. Applicants must be based in the North East LEP area, have less than 250 employees, turnover less than 50 million and qualify for ERDF. Grant funding is usually a percentage of the total cost.

Gigabit Voucher Scheme: Intrinsic to most companies is the internet. Slow broadband potentially means losing customers to competitors. The Gigabit Voucher Scheme helps SMEs upgrade broadband to receive the fastest, most reliable speeds. Small to medium enterprises can claim up to £3,000 individually or as part of a project. This particular scheme can only be accessed by those who have already registered. Find out more, here.

Innovation Fund: With available investment up to £500,000 through a loan or equity, the Innovation Fund supports scalable opportunities. Further investment will be researched in order to encourage accelerated growth.

Project Based Funding

Within the Tees Valley, grant funding to cover up to 40% of project costs is available through NBSL. In supporting small and medium sized companies, NBSL is aiming to increase leadership and management capabilities. Eligibility includes external coaching, mentoring and knowledge transfer. It may be possible to gain IT funding through this company and we can work with you throughout the process. Funding is also available for IT Support in Newcastle and Durham. This however differs slightly from those already mentioned. This is something we can discuss with you on an individual level.

If you would like to investigate the possibility of funding for your business please speak to us here at LaneSystems. If the project you wish to undertake is IT based we will work through the process in its entirety with you. Our team can support you in the application process including any necessary proposals required. Business funding may be difficult to find but LaneSystems have the answers.