Small and medium sized businesses in Lancashire are being asked to consider alternative methods of funding after new research shows 65% are disillusioned with sourcing financial support from banks.
Young entrepreneurs and business owners in the UK are the most cynical of banks, according to research from Huddlebuy.co.uk, with 3 in 4 saying they’d have no option but to look for financial alternatives in 2012. Economic development company Regenerate Pennine Lancashire has pledged to help Lancashire businesses by directing them to other sources of funding.
Regenerate maintains an online directory of available finance and support services and works alongside the North West Access to Finance team to help businesses become investment ready and identify financial options.
Steve Hoyle, Regenerate’s Managing Director, said:
“A solid financial base is essential for running your own business, and traditional finance from banks is not the only option. Fortunately, there is a wide range of support available from many different sources, including the Government and the European Union. In addition to loans and equity funding there is a significant number of specific funds allocated to certain types of projects such as Research and Development or energy saving measures and it is worthwhile for businesses to investigate these funding options alongside traditional sources of finance. Much of this support can be found via our online directory or through the North West Access to Finance team.”
“As well as grants, loans and access to financial services, Regenerate can help businesses find other support to start or grow, such as mentoring, training workshops and help with new product development.”
The directory can be accessed here: http://growthlancs.wpengine.com/business/finance-and-services/
