Press Releases

Help for businesses to find way through the funding ‘minefield’

Help for businesses to find way through the funding 'minefield'

THE head of keyhole surgery specialist Surgical Innovations and a former top Yorkshire banker will be among the speakers at a major event to help the region’s firms win access to finance.

About 200 people are expected at Financing Growth 2011, which will feature several funders and advisers including Finance Yorkshire, Lloyds TSB Commercial and Irwin Mitchell. The Leeds session is designed to help the region’s business owners and managers reach the next stage of growth and is being organised by Leeds, York and North Yorkshire Chamber of Commerce and supported by the Yorkshire Post.

Research carried out by the chamber showed that 71 per cent of businesses believe a lack of opportunities for finance is the main barrier to growth and innovation and the event will advise on sources of funding.

Graham Bowland, chief executive of Leeds-based Surgical Innovations, and Mark Whitaker, who previously headed Yorkshire Bank’s flagship corporate business centre in Leeds and is now a director at professional services firm Begbies Traynor, and Darren Shaw, a business consultant, will be among the speakers at the free morning session.

Gary Williamson, chief executive of the chamber, said: “For the past two years most businesses have been concentrating on survival and withstanding the tough economic climate. Times are still challenging, but businesses want to start looking forward and make 2011 a year of growth.

“Access to finance will play a vital role in driving innovation, enterprise and ambition, but there are so many different funding channels it can be a minefield and busy businesses simply do not have the time to research and consider the various options. The chamber aims to simplify this and help businesses navigate the various finance providers. This event covers most types of finance and businesses will be able to speak to financial experts who can advise what funding route is best for their individual business.

“Whether businesses want working capital to take on new staff, purchase new equipment or stock, or simply to turn an idea into a reality this event can introduce people to the finance providers that can help them achieve their ambitions”.

Mr Bowland, whose firm was named SME manufacturer of the year at the Yorkshire Post Excellence in Business Awards 2009, will talk about his experience of raising finance to invest in research and development. The firm designs and manufactures innovative medical devices and last year won permission to launch its groundbreaking LogiFlex device in the US, the world’s biggest market for surgery on obese patients.

Mr Whitaker joined Yorkshire Bank in 1981 and worked in numerous frontline roles, including traditional branch manager positions in this region and in Oxfordshire before heading the corporate business centr e in Leeds.

He also carried out a range of project work for parent company National Australia Bank before joining Santander and running its West Yorkshire commercial business centre. He has also run his own company, providing strategic and sales leadership advice. The banker will discuss what lenders are looking for in a business.

Mr Shaw, a business consultant and private investor, will speak about the advantages of private equity and angel investment and provide case studies of how funding has helped SMEs to grow. Mr Shaw, who has worked in senior marketing roles with Next Group and American telecommunications firm Southwestern Bell, set up multi-discipline marketing agency Junction Advertising Group before selling it to DMG.

The event’s other exhibitors include Connect Yorkshire, Yorkshire Association of Business Angels, Yorkshire Bank, accountancy firm Haines Watts, business coaching and commercialisation consultancy specialists Commerce Intelligence Group, Business Enterprise Fund, WGN Accountants and NatWest.

The event, to be introduced by Yorkshire Post business editor Bernard Ginns, takes place from 8am to 11am on January 21 at Oulton Hall, Leeds. To book go to http://www.yourchamber.org.uk, email events@yourchamber.org.uk or call the events team on 0113 247 0000.

Responding to finance needs

The event follows Leeds, York and North Yorkshire Chamber of Commerce’s consultations with financial experts, SMEs and Leeds West MP Rachel Reeves, which showed that access to finance is the biggest barrier to business growth, because small businesses lack the time to research funding channels.

The chamber’s website now provides a guide to the various funding channels. Go to http://www.yourchamber.org.uk and click on Financing Growth 2011

Published Date: 11 January 2011
By Peter Edwards

For the full article see http://www.yorkshirepost.co.uk/businessnews/Help-for-businesses-to-find.6686545.jp

BEF invited to a Meeting at No 10

BEF played their part in the access to finance agenda for the Coalition

Steve Waud the fund director for the Business Enterprise Fund was one of 5 CDFIs invited to a meeting at Number 10 Downing Street to discuss the Access to Finance agenda. The meeting covered issues surrounding the worklessness agenda and the provision of SME finance. Consultation and ideas were sought on how CDFIs can meet the growing gap in the finance provision for SMEs and how the expected increase in public sector unemployment could be overcome from the support of CDFIs.

It was extremely encouraging to be able to discuss the needs of the market and the worklessness agenda and to be so keenly received by the Government. It seems that they are willing to work with CDFIs to meet the challenges of the future and open to suggestions from CDFIs about how that may be done.

How to get funding for your business

Getting money from banks to fund your small business is getting tougher.

The British Banking Association says demand from small businesses is falling - but we’re hearing another story from readers desperate to land the funds they need to succeed.

The Community Development Finance Association could be the place to head. It’s a national network of non-profit “alternative banks”, which lend to businesses turned down by high street banks.

Unlike banks, community development finance institutions have a social goal - they recycle all the income from their lending to generate more loans to struggling local businesses.

Most work in deprived areas with a mission to help those who may miss out on financial help because they lack collateral, have a poor credit rating or can’t show a business track record.

Bernie Morgan, chief executive of the CDFA, says: “The banks have been resisting calls to increase their lending to small businesses because they say the demand isn’t there.

“Many members tell a different story. Small businesses are beating a path to their doors because banks don’t want to lend or suddenly change the terms of their loan.”

To find a CDFI in your area visit http://www.findingfinance.org.uk, put in where you’re based and the type of loan you want, and the site finds the nearest and most appropriate for you.

For a CDFI loan, you have to provide documentation showing a bank has declined you. You need have a business plan, or at very least, a viable, well thought out proposal.

Article taken from the daily Mirror 29/9/2010 - see http://www.mirror.co.uk/advice/money/2010/09/29/how-to-get-funding-for-your-business-115875-22595219/

Barclays bank bricked up in loans protest

A developer bricked up the front of a bank in Dorset in protest at the lack of credit available for

Cameron Hope said he had been turned down for a £240,000 loan and trying to get bank credit was like “talking to a brick wall”.

He and other protesters built the wall at Barclays in Westbourne on Sunday, after plans to target NatWest were thwarted. It was quickly taken down.

Barclays said it had increased lending to small businesses this year by 14%.

The protesters removed the wall after two hours when told to do so by police.

Mr Hope said: “Over the last year we’ve had different problems with the banks thinking things are getting better and better but they are not, they are getting worse.

“Any charges they put on nobody can argue with them, that’s if you can get any money in the first place.

“Overdrafts have been taken away from us, it is never-ending.”

He said the group had intended to brick up the NatWest branch but had had to change plans.

“When we arrived the police were everywhere [dealing with an unrelated incident] so we couldn’t do it.

“It was Plan B and we drove up the road to Barclays - nothing against Barclays at all.

“We got quite a lot of people on our side while we were building the wall.

“The police came and they were good with us.”

A Barclays spokesperson added: “We are very much open for business and there is money available to lend to viable businesses.

“The cost of lending is based on a number of factors including risk.

“Arrangement fees are part of this and are priced competitively in line with the market.”

see the full article on the BBC website http://www.bbc.co.uk/news/uk-england-dorset-11417204

MP slams banking sector - Article from Yorkhire Business Insider

MP criticises the bank for poor support

Julian Smith MP has criticises the banks for the slow support of small businesses. BEF has just joined, at the request of the MP, the Skipton Business support group. We will be providing access to finance for those businesses in the area and hoping to assist them whent he banks cannot fully support.

For the whole article on Julian Smith see http://www.insidermedia.com/insider/yorkshire/39451-mp-slams-banking-sector