Business Funding in the North East

Posted By: Helen Tuesday 9th October 2018Tags: , , , , , , , ,

Today at LaneSystems we are going to look at the various funding options available in the local area. We will discuss how our knowledgeable advisers can help you gain access to them. Business funding in the North East has changed dramatically over the years and we are going to give you some inside information on how to get the very best from what’s available. We will look at the ways we can help your company utilise financial help towards IT based requirements.

Let’s begin with grants;

Over the years there has been a whole host of different schemes involving business grants. Whilst many of these have proved extremely beneficial, certain elements haven’t proved great. At certain points, money has been readily available for existing businesses to grow and new companies to set up. Application processes of the past were straightforward and turnaround times fast. Companies were given the opportunity to thrive, take their businesses to the next level and increase turnover. Grant funding and support has helped achieve this. 

But What happened?

Phased out over time, grants are no longer easily accessible. As with many financially led schemes, for all those who used them correctly and with respect, there were others that abused them. For some, a grant was the difference between a ‘sink or swim’ situation. For others it would allow the freedom to begin growth plans. Some would set up a business, access grant funding, close the company down and repeat. With money clearly not spent on a functioning business, questions began to arise. With pots of money running out quickly, a new method had to be devised. Grants are now not so easy to get a hold of and come with many requirements. What businesses need is someone knowledgeable to advise them in this area. Furthermore, help is also required with the application process. So what funding is available across the Tees Valley in 2018?

Let’s start with the NEA;

NEA stands for New Enterprise Allowance. This option does not relate to existing businesses but worth mentioning. Available to those in receipt of certain benefits, the scheme is designed to offer financial support to those with a business idea who would like to become self-employed. Over a 26 week period, eligible candidates could receive up to £1,274 over a 26 week period. Additional benefits include the aid of a business mentor, help with a business plan and guidance with an application for startup costs. Providing a sound business idea is in place, this scheme is beneficial. Of course motivation is also needed! For further information about the NEA scheme you can speak to our team or get in touch directly with your local job centre. Depending on location, your adviser may be able to signpost you to funded business courses across a range of subject areas.

What about existing companies though?

Don’t worry! The NEA scheme isn’t available for established companies. 100% grants are a thing of the past. Suitable funding solutions are available. Owning an existing company offers many options and this is something we will go on to discuss.

Project Based Funding

Gone are the days of 100% grant funding. The main sources available today tend to be project based. This is the ‘new strategy’ that’s successfully been introduced and adopted across the North East and UK as a whole. The idea is that you choose an area for company growth. Obviously this will be part of your business plan and include a strategy to push matters forwards. For the purpose of our article we are going to use IT funding solutions as an example. This is an area we are experts in but how can LaneSystems help?

Replacing Hardware

Technology ages quickly and businesses are required to keep up. Failure to do so results in disaster! Lengthy downtime and data loss offer one example . The last thing a company needs is staff who are unable to carry out their duties due to technology. Another consideration is based upon client meetings. Do your staff members currently spend time outside of the office visiting clients? If so, do they have the necessary equipment to gain the most from their meeting? You may wish to look at replacing PCs with laptops in order to make mobile staff more professional. This is just one of the elements covered by IT funding. Ask us how you can gain access to these funds.

Server Installation

The growth of a company involves numerous elements. If you are looking to make improvements with internal systems it may be worth looking at server installation. IT funding covers this aspect and LaneSystems can advise you on moving forwards. Speak to our experts for further details.

Bespoke Software

Designed to fit specifically within the realms of your business, bespoke software can really help push a company to the next level. The software required depends fully on the nature of your business. Do you require a booking system? Would a CRM increase office productivity? Whatever your requirements, we will help you through the process of determining exactly what you need. Sourcing of the software is investigated as well as the implementation. Once live and integrated, we don’t just walk away. We are here, available to answer questions and ensure everything is going to plan. As a company we like to stand by our clients and watch them grow throughout the process. IT funding is available to help facilitate bespoke software. Why not look further into this option?  

How we help you;

As a long standing, reputable company, we are able to help with all business IT related needs. We have a range of leasing options available. Our team can talk you through these without unnecessary jargon. Leasing equipment means costs are less than purchasing outright. Alternative options are available for clients upon request. 

NBSL

Now known as NBSF, North East Business Support Fund, LaneSystems are registered providers. As an enterprise agency NBSF help, support and advise people setting up in business. They also aid those with existing companies looking to expand, grow and develop. If you have an IT based project in the pipeline and would like help and up to 40% funding, we can advise. NBSF are helping businesses to improve their competitive edge and at LaneSystems we fully support this plight. NBSF is available to companies based in the Tees Valley, County Durham and across the North East. Project funding can certainly help save money and play a large role in the progression of a company. In addition to IT funding , NBSF offers business master classes and workshops. These are free to attend. There’s lots of information available from this agency. It’s our job to provide details applicable to your company. 

Loans

It may be that project funding isn’t right for your business. Should this be the case, it’s probably best looking into a loan. LaneSystems can help you investigate the right avenues. We help companies access business loans from £500 to £150k. Terms of up to 15 years are available. Guiding you through this process effectively and smoothly is important to company growth. LaneSystems do this in a timely manner.

Project and IT funding is available across the North East. Reams of information is available. It makes sense to speak with an expert who will deal with much of this on your behalf. At LaneSystems, not only do we help and support clients with their IT requirements, we aid business growth. This is what makes us stand out from the competition. We support our customers and go the extra mile. Finally, we suggest you speak to us about IT funding today.