Funding for new start businesses in Renfrewshire, East Renfrewshire & Inverclyde
For individuals thinking about starting their own business, knowing the right people to ask for advice and information is vital to the success.
For many prospective business owners accessing funding sources is also important in the start-up process. Through Business Gateway, businesses in Renfrewshire, East Renfrewshire and Inverclyde can potentially access some early stage funding provided by the local authorities.
(This news update is from the Business Gateway Ezine, you can find out more by clicking the following link.
Renfrewshire – The Renfrewshire Microloan
The Renfrewshire Microloan fund, delivered by Invest In Renfrewshire, aims to support the creation of new enterprises and support the growth of existing micro and small businesses that have potential to create jobs and generate additional economic value.
Unsecured loans of between £1,000 and £5,000 are available with repayment terms of up to 2 years to both new and existing businesses which are unable to secure funding elsewhere but have a viable business capable of repaying a loan.
Loans can be used for the following:
- Start-up costs including the purchase of existing businesses
- Provision of working capital
- Purchase of assets
- Purchase of commercial property, property extensions or alterations
Inverclyde – Launch Pad Grant
In Inverclyde, the local authority Launchpad Grant (LPG) offers up to £1000 grant support for capital expenditure on business development activities. The LPG provides ‘gap’ funding which is the minimum finance needed to allow a project to proceed after a business – which has been trading for at least six months – establishes how much it can raise itself and from banks and other lenders.
East Renfrewshire – The East Renfrewshire Microloan
Micro and Social Enterprise loans will be available from June 2013 for smaller scale start up projects and social enterprise projects. Loans of between £1,000 and £3,000, repayable over three years, can be accessed through the East Renfrewshire Credit Union.
For each of the local authority funds application and eligibility criteria apply. To find out further information and eligibility criteria, please contact us on 0141 585 6353. We will also post updates on our information and advice for local businesses on Facebook and Twitter.