Whether you're considering starting in business, a recent startup or and established company, this section contains information and links on funding relevant to you. Before searching for what finance and grants might be available to your business, it is worth reading the general advice. This contains general financial advice, case studies and advice for every stage of business life from start up to (hopefully not required) insolvency.
The Council does not provide grants for business start up and usually most start ups are expected to find their own funding - if the business plan is not robust enough to work without a grant at the beginning, then it probably needs to be re-examined. However other forms of help are available. For example if you are renting business premises, then you may be able to get some relief from business rates. For funding options available for business start up see link.
Some grants are available for business start ups by young people (aged up to 30) from Shell LiveWIRE and the Prince's Trust
Specific grants (IYRE) are available for companies in Leicestershire to improve their resource efficiency. Thanks to European Union funding, the new Improving Your Resource Efficiency service at Leicester City Council is offering small to medium sized enterprises (SMEs) in Leicestershire support to manage the efficiency of their energy, waste, raw materials and water resources. Managing a business’s resources will increase profits and competitiveness. The service can provide financial assistance with a minimum £1,000 grant or two days specialist consultancy. The grant could help towards the cost of training for your employees or accreditation towards and Environmental Management Systems such as IS0 14001, specialist consultancy or implementing energy efficient or renewable measures. To receive a free on-site environmental survey, or for more information on the service contact: Helen Atkins on 0116 2995133 or email helen.atkins3@leicester.gov.uk or visit www.leicester.gov.uk/iyre (See 
IYRE LAUNCH (Word Document, 0.8 Mb) for more details)
The Business Link web site gives you access to search for grants and support that may be available for your business. The Grants and Support Directory allows you to search for potential sources of help with starting up or developing your business. The database contains schemes from central and local government as well as private organisations
If you need help with finding suitable funding or require more detailed information the Borough Council subscribes to the GrantFinder database and we can use this database to obtain detailed information for you. This database is regularly updated.
Another way to grow your business is to win a business award. A business recognition award could help boost your profile or reputation within your industry and some schemes offer a financial award. Search the Business Link database to find awards you may be eligible to enter.
The information here is for businesses and not for community projects. Anyone looking for funding for community projects should try www.fundingcentral.org which also has information on funding for social enterprises
Growing Your Business
If you are looking for finance to grow your business or make it more efficient then you should also look at the Solutions for Business programme. This contains a package of about 30 separate business support products including loans and grants.
- General information on grants and how to access them.
Funding for SMEs (updated December 2010)
A number of schemes have been announced recently to provide funding for Small and Medium Enterprises
Reward Capital Investment Fund
The Reward Capital Investment Fund aims to provide finance to firms that may be finding it difficult to source finance from the traditional clearing banks and finance houses. The Fund intends to invest in companies on an asset backed and equity basis.
Loan assistance is provided from £50,000 to a current maximum of £2 million.
The Fund is further able to:
- replace the current finance provider and support the business going forward;
- provide asset backed finance for shorter term projects, refinancing or transactions, usually with a relatively quick repayment profile (six months). This can include inventory and plant and machinery; and
- take equity stakes in companies; and purchase assets from insolvency/liquidation.
The funding provider has advised that there are no specific restrictions on the type of activities for which assistance is provided.
Assistance is available to small and medium-sized companies in the UK.
The Enterprise Finance Guarantee (EFG)
The existing scheme will continue for the next four years, making a further £200 million available to viable small companies without a credit history or collateral. In total the EFG will now support up to £700m in bank lending to viable small businesses up to March 2011. The Enterprise Finance Guarantee (EFG) facilitates additional bank lending to viable Small & Medium Sized Enterprises (SMEs) which lack collateral to secure a normal commercial loan. The Government provides the lender with a guarantee for which the borrower pays a premium. Accredited lenders administer EFG and make all decisions on lending.Business Link can provide information and advice to businesses seeking finance including under EFG. For an initial appraisal on whether your business may be eligible for the Enterprise Finance Guarantee go to the Business Link website.
The Enterprise Capital Fund
This will receive a further £200 million to support equity investments in the highest potential growth businesses over four years
£1.5 billion Business Growth Fund
The Government along with seven major UK banks, working through the British Bankers Association to form the Business Finance Taskforce, are supporting the provision of equity finance to small and medium-sized businesses, through a new £1.5 billion Business Growth Fund.This will provide flexible equity finance for established businesses with growth potential seeking around £2 million to £10 million, focusing on businesses with an annual turnover of £10 million to £100 million.
Other Organisations that can help with funding for Business Growth
GINEM (Growth Investment Network East Midlands)
GINEM exists to champion growth investment in the East Midlands, and guide entrepreneurs to sources of support and funding through our network of specialists. Among the schemes that it promotes are the Connect Midlands £1M Investment Challenge and the East Midlands Early Growth Fund
Connect Midlands
Connect Midlands is a not-for-profit network that supports technology and high growth companiesto gain investment through training and mentoring, investment showcasing and networking between businesses, investors and the professional services community in the Midlands.
Since 2001 Connect Midlands has assisted hundreds of companies who have gone on to raise over £160 million in investment. Connect Midlands organise up to 100 events per year including workshops and networking events, the annual Connect Midlands Investment Conference and the highly successful Connect Midlands Investment Challenge.
Business Angels
East Midlands Business Angels Ltd raises investment capital for growing companies. We have been investing since 1997. Investments completed range from £20,000 to over £1 million. Its investors back talented, committed managers running businesses with the potential for strong growth.
Business Funding from Leicestershire County Council
Funding is available from the County Council for a limited range of businesses (notably rural businesses, shops and the creative sector)
Sector Specific Funding
Creative Industries Funding
- Funding Information from Creative Leicestershire
This includes local, regional and national grants and loans as well as Creative Leicestershire’s own bursary scheme.
Environmental Businesses
- WRAP provide information on funding schemes available to businesses in the Environmental sector.
Food and Drink
- Businesses may be eligible for subsidised support through the Food and Drink iNet, to help develop their innovative ideas. Recipients must contribute 50% of the equivalent cash value of the support. More information from www.eminnovation.org.uk/food
Rural Business Funding
Guide to the grants currently available to rural businesses through the Leicestershire Rural Partnership and how to apply for them. Eligible schemes include shop front improvement, workspace development, tourism development and equestrian developments. External sources of funding and support that may be of interest to rural businesses
Retail Funding
Shop Improvement Grants are available as part of the Rural Business support programme (see above)
The Reward Capital Investment Fund aims to provide finance to firms that may be finding it difficult to source finance from the traditional clearing banks and finance houses. The Fund intends to invest in companies on an asset backed and equity basis.
Loan assistance is provided from £50,000 to a current maximum of £2 million.
The Fund is further able to:
- replace the current finance provider and support the business going forward;
- provide asset backed finance for shorter term projects, refinancing or transactions, usually with a relatively quick repayment profile (six months). This can include inventory and plant and machinery; and
- take equity stakes in companies; and purchase assets from insolvency/liquidation.
The funding provider has advised that there are no specific restrictions on the type of activities for which assistance is provided.
Assistance is available to small and medium-sized companies in the UK.