Business Finance
Over recent years and, most notably, since the closure of the North West Development Agency and re-structuring of regional development agencies, funding for businesses has become more difficult to source and secure. We shall endeavour to signpost any new initiatives and funding schemes via this website and through our regular Invest in South Lakeland Business e-newsletters.
Cumbria Small Development Loan
The LEP has set aside £1m from the Cumbria Infrastructure Fund to establish the Small Business Development Loan.
The loan is open to applications from small and medium businesses, for developments in Cumbria.
Support is given in the form of a loan of up to £150,000 at a 1% interest for capital projects which create new jobs. Applicants will have to demonstrate that the project for which funding is sought is viable, that it can crreate jobs and a sufficient return to repay the loan. Applicants will also need to provide security against the value of the loan.
This is a revolving fund, not a grant. When the development has been completed, the funding should be paid back to support further developments.
For more information including the guidance notes and support with completing the application form please see the Cumbria Local Enterprise Partnership website.
Cumbria LEP's RGF Programme
Cumbria LEP has been awarded approximately £4m to run an RGF programme. The focus of the LEP’s RGF programme is to provide grants to support projects to enable the growth of small and medium businesses in Cumbria and to support specialist manufacturing and businesses seeking to grow through export which contribute significantly to job creation and private sector growth. Find out more on the Cumbrian LEP website.
Please use the links below to find out about the different types of funding that are available:
Help with finding finance
1. Business Link Helpline - offer advice and information on financing your business. They are open office hours Monday - Friday and can be contacted on 0845 600 9 006.
2. Business Finance and Support Finder - A tool that can be used to help you find publicly funded sources of assistance that you may be able to apply for.
3. Business Finance for You - A website that brings into one place a wide range of funding providers across Britain, including - Business Angels, regional funds, government schemes and banks.
4. SME Finance Guide - BIS and the ICAEW have jointly produced a free guide to SME finance which sets out the main financing options and key issues to consider.
Our recent Business Lunch "Help with Finding and Accessing Finance" was held on Thursday 6 December 2012 at The Box in Kendal and a wide range of businesses attended. Topics covered included banking and finance options - how to access these, Business Angels - how they can work for your business, funding opportunities and how to find out about ‘social lending’. The details of the presentations are included below: