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BUSINESS WEST – CONNECTING BUSINESSES BUSINESS SUPPORT Advice and support from Business West


How a coaching grant can help scale up your business


B


usiness grants are a great opportunity for businesses looking to start up, improve or scale up. Business grants can


be used to help overcome many challenges and barriers to business growth; such as a lack of resources, strategic planning and skills, or inefficient processes and procedures. Despite the benefits, knowing what grant


funding is available and how to access it can sometimes be tricky. There are many UK Government and European business grant schemes readily available, as well as various local business funding schemes provided through Local Enterprise Partnerships (LEPs) and other business support organisations. Business grants are often made


available at a regional level and can sometimes be linked to local economic development needs of an area. The amounts available tend to range between £1,000 and £100,000. Grants work differently to business


‘A scale up


coaching grant will give you the


support you need to effectively develop your business’


loans, where businesses receive money up front and then pay it back. Rather than being tied to a financial gain for the lender, grants require no pay back, but are typically tied to the achievement of other local growth objectives such as an increase in the number of jobs. However, don’t be put off; the objectives tied


to grants are usually mirrored to a business’s own goals making grant funding a win-win situation for grant funders and businesses alike. These goals are normally set out and agreed between a business and a grant funder at the point a business applies for funding. Grants usually come with a match funding requirement in place i.e. for every pound put in


by a funder, a business must also contribute some cash. The percentage of this contribution varies greatly but grants can be for


as little as 20% or up to 100% of a


business’s costs depending on the grant programme and what’s being bought. There are many locally available grant


programmes that can be accessed to support your business growth and boost your sales and profits, such as the new Scale Up Coaching Grants, available as part of the Enterprising West of England programme. It's been proven that business coaching leads


to great results, but business coaching can be expensive, especially for a recently registered business or an SME in the first few years of trading. Take away the financial pressure with a


scale up coaching grant and choose the right business coach to help you realise your goals. A scale up coaching grant will give you the


support you need to effectively develop your business. Scale up coaching grants are available to SMEs based in the West of England who are looking to grow or plan to create new jobs within 12 months. Grants are 40% matched funded, with a minimum grant payment of £1,000 against an investment of £2,500 (excluding VAT). Business West is currently working with the


Heart of the South West LEP and DCLG to introduce the scale up coaching grant scheme into businesses throughout Devon and Somerset by the end of 2017.


Visit: www.businesswest.co.uk/business- grants-and-funding


Building skills for financial services


The West of England, particularly Bristol, is a leading financial services centre with many major international and national companies locating their head offices in the city, with particular strengths in retail banking, insurance, share dealing and ethical finance. Clustering provides businesses with better


efficiencies, productivity, access to talent and more rapid innovation than other locations. The West of England region is also becoming


a UK leader in Fintech (Financial Technology). A report commissioned by HM Treasury has revealed that Britain has been ranked first among the world’s seven leading FinTech hubs, from Silicon Valley to Hong Kong. Although many professionals work in large well-known organisations, the West is also home


20 insight JULY/AUGUST 2017


to a thriving ecosystem of SMEs in areas such as law, accounting, consulting and financial advice. Jenny Linaker, professional and financial


services skills adviser, said: “There is a lot happening within the sector currently – emerging fintech and the need for increased cyber security means highly skilled workers will be in demand. “We are fortunate to have some of the UK’s


most highly respected and award-winning professional and financial businesses in the region including Osborne Clarke, Burges Salmon, Veale Wasborough and Hargreaves Lansdown, along with excellent facilities to support the sector including a state of the art business school at UWE and the new law and professional services academy in Weston from September. This will further strengthen collaboration and


development of a skilled workforce that meets the needs of business.” • Bristol and Bath has over 20,000 graduates from four universities enabling companies to recruit world-class economists, entrepreneurs and business and law students. This region was ranked top for productivity in the UK by Tech Nation 2016. • By 2020 the professional services sector in the West of England will increase by approximately 19%, equating to the creation of 7,700 jobs.


Skills West are on hand to support your business with any skills and training needs, so contact the team today on skillswest@businesswest.co.uk or 0330 124 4446


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