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Last update 29/07/2024

Grants and Government-Backed Loans for Startups and Small Businesses in South Ribble Council, UK

Local Resources

While there aren't specific grants solely for online businesses in South Ribble, various funding opportunities are available that can benefit startups and small businesses, including those establishing an online presence.

Government-Backed Schemes

Start-Up Loans:

Loan Amount: Up to £25,000 with a fixed interest rate of 6% per annum.
Additional Support: Includes 12 months of free mentoring support.
Eligibility: UK-based business trading for less than 36 months.
Website: Start Up Loans

Local Enterprise Partnerships (LEP) and Growth Hubs

Boost Business Lancashire:

Support Services: Offers a range of programs and services to support businesses in Lancashire, including South Ribble. This could include access to funding, mentoring, and training.
Website: Boost Business Lancashire

Local Authority Grants

South Ribble Borough Council:

Grant Schemes: May offer occasional grant schemes for businesses in the area. It's recommended to contact their economic development team or visit their website for updates.
Website: South Ribble Borough Council

Additional Resources

Business in South Ribble:

Support Information: Offers information and support for businesses in the South Ribble area. Check their website for the latest news and available resources.
Website: Business in South Ribble

Eligibility, Application Process, and Required Documents

Eligibility: Varies depending on the specific program. Generally, you'll need to be a registered business (or in the process of registering), based in or relocating to South Ribble, and have a viable business plan.
Application Process: Typically involves completing an online or offline application form, submitting a detailed business plan and financial projections, and potentially attending an interview.
Required Documents: You may need to provide business registration documents, identification, bank statements, and tax returns.

Checking Your Eligibility

The best way to check your eligibility is to directly contact the organization offering the grant or loan. They can provide detailed information on their requirements and guide you through the application process.

Government-Backed Business Loans (Alternative to Grants)

If you don't qualify for a grant, consider government-backed business loans:

Recovery Loan Scheme: Offers financial support to businesses affected by the COVID-19 pandemic. Find participating lenders on the British Business Bank website.

Important Note

The information provided here is a general overview. Always refer to the official websites and contact the relevant organizations for the most accurate and up-to-date details.

South Ribble Borough Council Contact

Website: South Ribble Borough Council
Phone: 01772 625625

Frequently Asked Questions (FAQ)

Q1: What types of business support does South Ribble Borough Council offer? A1: South Ribble Borough Council offers various support services, including information on grants and funding opportunities.

Q2: How much can I borrow through the Start Up Loans scheme? A2: The Start Up Loans scheme provides loans of up to £25,000 for new businesses.

Q3: Where can I find information on available grants and loans? A3: Use the Business Finance Support Finder tool to explore funding options based on your business needs.

Q4: What support does Boost Business Lancashire offer? A4: Boost Business Lancashire offers access to funding, mentoring, and training for businesses in the Lancashire region.

Q5: Why is a business plan important for securing funding? A5: A well-structured business plan demonstrates your business's viability and your ability to effectively utilize the funds, increasing your chances of securing funding.

Q6: How can networking help my business? A6: Networking with local entrepreneurs and business owners can provide valuable advice, potential partnerships, and insights into funding opportunities.

Q7: What should I include in my business plan? A7: Include a clear description of your business, financial projections, market analysis, and how the funds will be used.

Q8: Are there specific grants for new businesses in South Ribble? A8: South Ribble Borough Council may offer occasional grant schemes for new businesses. Check their website for updates.

Q9: How can I stay informed about new funding opportunities? A9: Regularly check relevant websites, sign up for newsletters from business support organizations, and network with local business communities.

Q10: Is there support available for businesses in the Lancashire region? A10: Yes, Boost Business Lancashire provides various support and funding opportunities for businesses in the Lancashire region.

Value AD

CAN BE

ALTERNATIVE

INVESTMENT

What is Value Ad?

Value Ad is an innovative policy designed to foster a mutually beneficial relationship between two key groups: new businesses and service providers. This policy helps startups save significantly on essential services while enabling service providers to gain valuable traction and growth opportunities.

How is it a Win-Win Deal?

For New Businesses:

Cost Savings: Startups can save 50% to 80% on essential services such as website development and marketing. This means they don’t need to invest heavily upfront, making it easier to launch and grow their business.

Alternative Investment: The money saved through these discounts can be reinvested into other critical areas of the business, acting as an alternative investment that fuels further growth and development.

For Service Providers:

Initial Customer Base: Service providers, often tech startups themselves, can attract a significant number of initial customers by offering their services at a discounted rate. This helps them build traction and demonstrate value, which is crucial for attracting venture capital (VC) funding and other opportunities.

Marketing Efficiency: By providing affordable services, service providers do not need to spend heavily on marketing to acquire new customers. The discounted services themselves become a powerful marketing tool, bringing in customers who can spread the word and enhance the provider’s reputation.

Growth and Expansion: Attracting more customers through Value Ad helps service providers expand their client base and build long-term relationships, which can lead to increased revenue and business growth.

Alternative Investment for New Businesses:

For new businesses, the significant cost savings achieved through the Value Ad policy effectively serve as an alternative investment. Instead of spending large amounts on website development and marketing, they can leverage the affordable services provided by service providers. The saved funds can be redirected into other strategic areas of the business, enhancing overall growth and sustainability.

Benefits for Service Providers:

Service providers benefit from the Value Ad policy by gaining access to a ready pool of new customers who are drawn by the discounted rates. This initial customer base is crucial for:

Building Traction: Demonstrating product or service viability to potential investors.

Securing Funding: Enhanced customer traction and a growing user base can make the service provider more attractive to venture capitalists and other funding sources.

Market Penetration: Establishing a presence in the market quickly and efficiently without heavy marketing expenditures.

In Summary:

Value Ad is a strategic policy designed to create a win-win scenario for both new businesses and service providers. By offering significant discounts on essential services, startups can save and reinvest those savings, while service providers gain crucial initial customers and market traction. This mutually beneficial arrangement supports the growth and success of both groups, making Value Ad a powerful tool for business development and investment.

Value AD

CAN BE

ALTERNATIVE INVESTMENT