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Business Peak District Conference 5 th December 2016 How to Find and Win Funding Business Peak District Conference 5 th December 2016 How to Find and Win Funding for Your Business Heather Bradford – Business Advisor Derbyshire Dales District Council OPEN FOR BUSINESS

Find the Right Fund • Fit what you want to spend the money on Find the Right Fund • Fit what you want to spend the money on with the correct fund • Check the size levels required • Check the geographic area • Check the business sector • Check the timescales involved • Check what the fund needs in return OPEN FOR BUSINESS

Which are the right funds for these ? • Broke & Bust Ltd • Which are the right funds for these ? • Broke & Bust Ltd • Liveinhope Ltd • • The business has 5 employees and is a manufacturing business based in Derbyshire Dales. The business has a full order book but is struggling to pay the wage bill each month due to a lack of working capital mainly caused by outstanding and late payment from some of their customers. They are looking for funding to ease their cash flow situation. Which funding stream should they consider ? OPEN FOR BUSINESS This High Peak business operates in the service sector providing professional services for business clients. There are currently 2 directors employed in the business but they are looking to grow the business and improve their marketing reach through the development of a more professional brochure web site. The likely cost of this will be in the region of £ 4, 000. The business currently uses other self employed consultants to deliver the services to their customers and are looking to outsource more work in the future. Which funding stream should they consider ?

Match the business to the fund D 2 Enterprise Growth Fund EAFRD Leader Fund Match the business to the fund D 2 Enterprise Growth Fund EAFRD Leader Fund NBV Grant for Enterprise OPEN FOR BUSINESS Liveinhope Ltd Broke & Bust Ltd FEAST Invest To Grow SCR Business Investment Fund

Answers • Broke & Bust Ltd • None • Reason - Grant Funding is Answers • Broke & Bust Ltd • None • Reason - Grant Funding is not intended to support working capital. Grants are not likely to support any business overheads or staffing costs. Short term loan funding may be one option here, or the business could consider factoring the invoice to release funds. OPEN FOR BUSINESS • Liveinhope Ltd • NBV – Grant for Enterprise • Reason – too small a project for all the other schemes. The business trades business to business. The funding will consider revenue funding as well as items of capital equipment

Which are the right funds for these ? • Bears Bottom Ales • Designrite Which are the right funds for these ? • Bears Bottom Ales • Designrite Ltd • • This small sole trader business started in a garden shed is looking to move into larger premises, buy some more equipment and brew larger quantities with the aim of taking on an assistant brewer within the next 12 months. Located in the Staffordshire Moorlands they are looking for help with conversion costs for the building that they are looking to relocate and the cost of the equipment. The total cost of this investment is likely to be in the region of £ 40, 000. Which would be the most suitable funds for them ? OPEN FOR BUSINESS This established Derbyshire business with 51 staff specialises in engineering design and construction and supplies some of the areas largest transport manufacturing companies with specialist parts. They have recently purchased some land at the side of their existing factory and are looking to install a new production and testing facility in a purpose built extension. The business is likely to create at least 10 additional jobs for skilled engineers. The project is likely to be in excess of £ 300, 000 What funds could they look to apply to ?

Match the business to the fund D 2 Enterprise Growth Fund EAFRD Leader Fund Match the business to the fund D 2 Enterprise Growth Fund EAFRD Leader Fund NBV Grant for Enterprise OPEN FOR BUSINESS Bears Bottom Ales Designrite Ltd FEAST Invest To Grow SCR Business Investment Fund

Answers • Bears Bottom Ales • Peak Leader • Reason – Fits in terms Answers • Bears Bottom Ales • Peak Leader • Reason – Fits in terms of project size and location. Fits with the Leader priorities. They could also consider Feast funding to help towards the equipment OPEN FOR BUSINESS • Designrite Ltd • D 2 Enterprise Growth Fund/ Invest to Grow fund • Reason – too large a business for EAFRD/Leader. Business sector fits with the priorities of the scheme. Size of project too high for some schemes. Could consider SCR Business Investment Fund if they are located in DDDC

Key points to remember • Make the phone call – check with the funders Key points to remember • Make the phone call – check with the funders direct whether your idea is suitable • Don’t let the funding criteria influence what is right for your business – it could end up costing you money • Grant funding is never retrospective – you will need to have it all agreed before you can spend the money • There is no such thing as a free lunch…. . OPEN FOR BUSINESS

Application Do’s & Don’ts • Do read the guidance notes • Don’t tell porkies… Application Do’s & Don’ts • Do read the guidance notes • Don’t tell porkies… you will be found out in the end • Do be prepared to put in the time and effort • Don’t spend before the grant is approved • Do talk to the funders – they are there to help you OPEN FOR BUSINESS

Completing the Application • Give a clear picture of the business and its background Completing the Application • Give a clear picture of the business and its background • Don’t waffle – keep it to the point and specific but don’t assume they know anything about you. • Be clear in what you are wanting to spend the funding on and why you need the help • Show them how you will meet their “output” requirements OPEN FOR BUSINESS

Describe your project Which one would you choose ? Company A • “We are Describe your project Which one would you choose ? Company A • “We are really busy and need more space to sort our customer orders. We need some new kit to help us with this and it will make us more efficient. We can’t get orders out quick enough and if we got a grant then this would help us to get the orders out better and we could then take on more work” OPEN FOR BUSINESS Company B • “The business has increased it’s turnover from £ 40, 000 to £ 60, 000 in the last year. We wish to build an extension to create 300 sq ft of additional work space and install a conveyor system to make order processing more effective leading to an increase in the speed in which we can process the orders and enable us to confidently increase our production by 20% and take on an additional staff member by March 2018. ”

Why do you need the funding Which one would you choose ? Company A Why do you need the funding Which one would you choose ? Company A • The business doesn’t have access to fully fund the extension. The repayments on our existing bank loan are manageable and we are able to increase the loan to fund part of the extension, but we would not be in a position to comfortably make repayments on the full cost of the extension without an adverse effect on our working capital. OPEN FOR BUSINESS Company B • We can’t afford to do the extension if we don’t get the funding as the business hasn’t got any money. We don’t want to go to the bank for any extra money as we are up to our eyes in debt already. If we don’t get the money we could end up going bust as we cant get the orders out quickly enough and we will lose business.

What options have you considered Which one would you choose ? Company A Company What options have you considered Which one would you choose ? Company A Company B • If you aren’t successful in your funding application ? • If we don’t get the funding the business will close and we will lose all 5 jobs • If the amount of funding was reduced? • If we don’t get the full amount we can’t build the extension and get the equipment • If you aren’t successful in your funding application ? OPEN FOR BUSINESS • • If we don’t get the funding then we won’t be able to proceed with the extension at this current time. We will try to rent some additional space locally to tide us over but ultimately we may end up losing some custom as we can’t deliver the orders in time and this may affect our current staffing levels. If the amount of funding was reduced? We would look to build the extension but save money by purchasing second hand equipment initially

The Financials • Make sure your forecasts are realistic • Use your current trading The Financials • Make sure your forecasts are realistic • Use your current trading history as a baseline • Do your figures match what you have put in your application ? • Have you got the correct number of quotes ? OPEN FOR BUSINESS

Summary • Allow yourself plenty of time - keep to the deadlines • Don’t Summary • Allow yourself plenty of time - keep to the deadlines • Don’t try to buck the system – the funding schemes have rules and you can’t get round them • Get help with your application – don’t be afraid to ask • Fit the grant around the business , not the business around the grant OPEN FOR BUSINESS