Back in June we announced that we were one of 23 organisations who have partnered with the British Business Bank and the ICAEW to launch a new digital guide. The Business Finance Guide – a journey from start-up to growth has been produced to help Start-ups and SMEs understand the different sources of finance available […]
Back in June we announced that we were one of 23 organisations who have partnered with the British Business Bank and the ICAEW to launch a new digital guide. The Business Finance Guide – a journey from start-up to growth has been produced to help Start-ups and SMEs understand the different sources of finance available to them. The guide hopes to reach 1 million businesses in the UK, building on the success of the 2014 edition of the guide which reached 750,000 companies, entrepreneurs, investors and advisers.
Why has the guide been produced?
The ways that SMEs raise finance is still focused on traditional paths, with three out of five businesses going straight to their main bank. With an increase in the number of businesses being turned down by high street banks – up to 16% in 2016 (11% of 400 SME businesses were turned down in 2015) – there is growing frustration, particularly by those businesses who subsequently lost deals or further investment after they were turned down. Meanwhile there is a growing number of alternative sources of and routes to finance being available, for example equity finance rose to a total investment value of £3.5bn in 2015.
Navigating the types of advice, help and finance on offer has become a challenge. This guide aims to provide businesses and business owners with the most powerful tools possible – knowledge, options and guidance.
What’s in the guide?
The digital guide is available via http://thebusinessfinanceguide.co.uk/nen. Its main feature is an interactive tool which provides tailored advice and by answering a few questions about what stage the business is at and its future plans, information about the most appropriate finance options will be provided. Those businesses looking for more general help will find a section of the website which provides an overview of all of the different finance options. Information about equity and debt are presented in another section of the website. Further sources of financial advice are also provided with each source of finance being presented in a short video.. A downloadable print version of the guide is also available from the website.
Why we’re a proud partner
Our members provide help and advice to start-ups and SMEs on a daily basis. In fact businesses frequently tell our members that they need clear and precise information about the finance options available to them at different stages of their business life cycle. We’re delighted to be featured in the guide as it was important that those needing this advice could be signposted via our member directory, straight to one of our members.