A recent article on BBC news forecasts UK bank lending is set to shrink by 2.2% this year - the first time since 2009 according to the Ernst & young Item Club economic forecasting group. While banks are usually the first port of call (perhaps after friends and family!) for funding, there are other options.

East is a not-for-profit company providing loans of up to £50,000 to new and existing businesses with a workable business plan when they have been unsuccessful in securing bank funding or need additional funds to match lending. The finance can be used in a variety of ways to help expand the business. Click here for further information or contact us for an introduction.

The Prince’s Trust Enterprise Programme supports unemployed young people aged 18-30 to work out if their business ideas are viable and whether self-employment is right for them. In the East of England the average loan stands at circa £3k and this funding can be used to support living expenses while you get your business established. This is determined on a case by case basis. Foundation East (see above are also able to match fund).

The Prince’s Trust in the east of England are currently running a 'get into business' course - for further details contact us and we'll pass your details on.

Paper Mountain Solutions can assist your business with their extensive financial and administrative solutions. You can find out more here.