Sector Focus


Finance


Sponsored by: Lawrence Business Finance


Local Grant Funding! What is it for? Where do you get it? How does it work?


By Matthew Lawrence, of Lawrence Business Finance


Grants are provided to encourage investment that will lead to increased employment or output. The three main investment


categories are: 1 Innovation (products and processes)


2 Capital expenditure 3 Business development (new staff, training, marketing, operational improvements)


Smaller innovation grants,


usually LEP specific, are dealt with by a wide range of bodies. Birmingham City Council and Wolverhampton, Birmingham and Coventry Universities, to name just a few, have all managed recent schemes. Capital Expenditure and


Business Development grants are usually provided on a sub- regional basis. Managers include City, County, Borough and District Councils, Growth Hubs, Chambers and more. Common grants are for equipment, consultancy, marketing, energy saving etc through dozens of different programmes. The principal programme running in the West Midlands is the Business Growth Programme providing up to 50% grant funding from £10k to £1m managed by Birmingham City Council. It’s hard to know if a


programme currently exists, where to go, and if you’re eligible, before you even apply! But if you don’t ask you don’t get! My tip, if you’re considering spending on something new or different, think grant before you decide. Grants cannot be given retrospectively so you could miss out on 50% + saving.


If members wish to find out more, they can contact Matthew on 07770 683874, email matthew@lawrencebusinessfi nance.co.uk W: lawrencebusinessfinance.co.uk


72 CHAMBERLINK September 2019 Tackling fraud: Jim Gee (left) and Johnathan Dudley


Report highlights cost of fraud to UK business


Fraud is costing businesses and individuals in the UK £130bn each year. That’s according to the Financial


Cost of Fraud Report, developed by national audit, tax, advisory and risk firm Crowe UK, in conjunction with the Centre for Counter Fraud Studies at the University of Portsmouth. The report also reveals fraud is


costing the global economy £3.89tn, with losses rising by 56 per cent in the past decade. Jim Gee, partner and national


head of Forensic Services at Crowe, said: “Losses in 2018 averaged 7.15 per cent of expenditure, compared


‘Preventative measures to combat fraud can make a significant difference to the bottom line’


to 4.6 per cent in 2007. “The figures quoted in the 2019


report are stark. For the UK, fraud losses equate to £130bn each year, while the global figure represents more than 80 per cent of the UK’s entire GDP.” The report also highlights that,


for many businesses, fraud is a problem that can be tackled.


It is estimated that, were


organisations to correctly measure, manage and introduce procedures to reduce fraud, potential savings of up to £76bn could be made annually – a sum 57 per cent greater than the UK Government spent on defence in 2018/19. Johnathan Dudley, Midlands and


South West managing partner, said: “The message to Midlands businesses is clear. “Fraud and its costs are a


growing reality in any business of any size. Preventative measures to combat fraud can make a significant difference to the bottom line.”


People running at ‘deficit budget’


Three in ten adults in the West Midlands ran a ‘deficit budget’ in the past month, spending more than they received in income. A report from R3, compiled by the insolvency


trade body and ComRes, found that 16 per cent of adults in the region spent up to £100 more than they received in income over the past month, while eight per cent spent between £100 to £300 more and five per cent spent over £300 more. Just over a quarter of West Midlands adults said


they do not have any savings at all, showing that levels of financial resilience are low for many people in the region. R3 Midlands chair Eddie Williams, a partner at


Grant Thornton in Birmingham, said: “For some people, a month of deficit won’t be an issue, as it


may be a one-off, and they may be able to cover the overhang by using savings, or borrowing. “However, for others, these options will be less


readily available, leading to potential problems ahead if the deficit persists. With our research finding that a large minority of adults currently don’t have any level of savings, it’s worth sounding the alarm about people’s ability – or otherwise – to cope with unexpected hits to their finances. “Debt issues can suddenly spiral due to changes in


circumstances, and overspending each month does not leave any room for saving for a significant proportion of people. “For some, a monthly overspend is a more regular


occurrence, and this group should seek advice on personal finances as soon as possible.”


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