Funding for Entrepreneurs

People who are planning on starting their own business may need a little financial support in order to give them a boost. Raising the funds required to start a business can be tough, especially during these times of recession, and the downside with applying for credit or a loan is that the interest rates are usually quite high. Entrepreneurs may find it particularly difficult to start their business in the city of London, where office rent and other costs can be extremely high. What follows is a few tips on where to get funding for entrepreneurs and how to get it.

The good news for people who have set their sights on starting a business in London is that a new scheme named 'Village Capital London' has been set up especially for entrepreneurs in the early stages of setting up their business that is deemed to have social value. Under this scheme it may be possible to apply for £50,000 in funding, which could go a long way towards setting things in motion.

This new scheme, which is run in collaboration between Village Capital and Merism Capital, offers both funds and advice to new entrepreneurs. In order to receive funding, all candidates must complete a special scheme, which will run for 12 weeks. At the end of these 12 weeks two candidates will be chosen by their peers to receive funding.

The Gateway to Finance programme is run by the East London Small Business Centre and aims to aid small business entrepreneurs in East London and other areas of the capital to generate funds. They also help established entrepreneurs to develop and expand their businesses.

Entrepreneurs wishing to establish a business in the South London borough of Croydon should contact the Croydon Economic Development Company. This company has been established with government funding and is dedicated to supplying companies with funding as well as valuable business advice and networking opportunities.

The British Government also offers support to entrepreneurs in London in terms of promoting international trade, supporting innovation as well as research and development, providing special training programmes and offering financial aid to help overcome economic and financial challenges.

The government's Small Loans for Businesses scheme offers comprehensive loans of up to £50,000, providing that the applicant submits a comprehensive and viable business plan. Entrepreneurs can also take advantage of the government's Enterprise Finance Guarantee scheme, which is ideal for entrepreneurs who have been denied a bank loan because they lack collateral.

This is just a selection of the financial funding and other types of support that is available for entrepreneurs who decide to set up a business in the city of London. New schemes are established in various boroughs of London all the time, and entrepreneurs who do a little research will soon discover that there is a lot of support and advice waiting for them. This is an excellent time to establish a business in the city of London, and people who have a strong will and plenty of vision are bound to succeed.