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What different types of small business finance are available? 2

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(5) Small business grants

The wonderful thing about small business grants is that you don’t have to pay the money back. Small business grants are designed to reward innovative companies and businesses that operate in an area of need by offering direct cash or discounts on important resources. The grant will usually have to be used in a specific way and the criteria businesses must meet can be tough. The government’s business finance support finder is a good place to search for grants. 

(6) Venture capital

Venture capitalists are professional investors who invest a significant amount of money into a business in return for an equity stake. They typically invest in startup businesses with high growth potential to help the business grow quickly so they can realise a good return on their investment in a relatively short time frame. Venture capitalists typically offer expertise as well as money, but you will have to be prepared to give up a significant chunk of your business. 

(7) Enterprise Finance Guarantee

Many viable small businesses don’t qualify for bank lending simply because they cannot provide sufficient security to meet the lender’s requirements. In that instance, the government’s Enterprise Finance Guarantee can provide a guarantee of up to 75 percent of the value of the loan. That can give you access to finance streams that might not otherwise be available as long as your business meets the strict qualifying conditions. 

(8) Short-term business loans

For businesses with relatively small and immediate financing requirements, short-term loans could be just what you need. This type of loan is extremely quick to arrange and the cash can be in your account in a single day to help you cover immediate overheads such as rent and payroll. This can be an effective funding option if you’re just bridging a gap and are confident you’ll have the cash to make the repayments on time. However, the rates of interest are high and the costs can quickly mount up. 

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