Accessing finance

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Accessing Finance

For start-up businesses, having enough capital to launch your enterprise is essential. Initial investment should cover your expenses for at least the first six months, giving you a fighting chance at success.

Who offers funding?
  • Loans or overdrafts from the bank
  • Loans from family or friends
  • Personal Savings
  • Personal credit cards

However, these are not always the best ways of financing a business. It could leave you exposed to crippling personal debt if things go wrong.

There are plenty of other alternatives. For unemployed entrepreneurs with a great idea, the government’s New Enterprise Allowance programme can help.

For young entrepreneurs, financial support is available for anyone aged between 18-30 from the Prince's Trust Enterprise scheme.

Business finance is also available from the South West Investment Group. New and existing businesses based in Torbay can apply for a loan of up to £7,500 from the South West Microcredit Fund. This is designed for businesses that haven’t been able to raise funds from banks or other lenders.

There are other options through government’s Solutions 4 Business. Start up loans of up to £10,000 are also available from the government for 18-30 year old business owners.

If you just need a small grant of up to £500, then check out Fund 101.

Finally, The Fredricks Foundation provides start up loans of up to £10,000 and loans of up to £20,000 to businesses with 3 years track record.

How can the TDA help?

We’re constantly looking for ways to promote new businesses in Torbay. So we subscribe to GRANTnet, which is a database of all the business loans, grants and funding available in the UK. Our Business Advisors can also talk you through the options available, and the best way to finance your business. We can also give you advice that will stop you making the wrong financial decision early on!

Contact us now to arrange an appointment with a Business Advisor to discuss your financial business plan as part of your free, 1-hour business diagnostic. Email for more information.