Finance: Simple, quick and flexible funding for expanding or for working capital, to buy machinery, equipment or vehicles. No business plans, forecasts or lengthy applications necessary. Access business loans from £5,000 to £250,000 at competitive rates.
Grants: Horizon 2020 is the world’s largest ever programme for funding research and innovation activities. Over 70 billion EU is available over the next seven years. The scheme aims to strengthen EU businesses’ competitiveness, funding thousands of projects, in all fields, from basic research to close-to-market prototypes.
There are many different forms of Business Finance. The key is understanding what type of business finance is appropriate and at what stage you need it.
In the last 2-3 years we have seen a massive change in how the banks fund SME’s and we have also seen a raft of new, innovative, alternative business finance providers join the market.
Examples of types of Business Finance:
- Asset Finance – suitable for equipment purchase
- Invoice Discounting – very useful if you have a growing sales income
- Standard Bank Finance – Loans and overdrafts
- Enterprise Finance Guarantee – Government supported funding through the banks
The Horizon 2020 provides SME manufacturers a huge opportunity to obtain funding from the EU for new product development.
- Stage 1 – Concept & Feasibility Assessment Grant £50,000
- Stage 2 – R&D Demo & Mkt Replication Grant £1-3m
- Stage 3 – Commercialisation
Time to grant reduced by 100 days (from current 350 days on average)
Industry examples where successful applications have been made:
- Health & Biotechnology
- Materials & Manufacturing
- Information & Communication Technologies
The Technical Bit
A network initiative including world-leading Research organisations, Leading ‘blue-chip’ companies & SME’s
– Linking SMEs with relevant research groups to collaborate on profitable research projects, carry out contract research, or hold existing Intellectual Property that can be developed into products by SME members;
– Implementing new methods for SME participation that bypass the problems faced in previous EU funding programmes.
– Increasing the amount of money received from the EU by the SME
Vision2020 will stimulate and facilitate a development environment that benefits all of its members, from the largest national research centres to one-person SMEs.