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The Best Ways to Fund Your Local Business in Cornwall

3rd July 2019

Small businesses are vital to Cornish communities along the coast, with independent retail shops giving Cornwall the unique atmosphere that tourists flock to the seaside for. Many residents of Cornwall want to give back to their local community by supporting and setting up small businesses that can provide for locals and tourists alike.

·        Lottery Funding

Although sources suggest that the likelihood of winning the lottery is less than being struck by lightning, the lottery is a good way to support the future of your business through your winnings. Your chances of winning the lottery for your business can be extended by entering lottery bidding on a global scale with LottoGo.com, which allows you to enter lotteries in other countries to win the biggest jackpots of the week. Lotteries are also good establishments to invest in as a percentage of their revenue goes towards supporting charities, non-profit organisations, and small businesses which contribute to the community. If you feel that this applies to your business, you can apply for funding online.

·        Government Grants and Loans

If you are struggling financially when starting up your business, you should look at the requirements of government loans and grants for small businesses. The government is keen to help small businesses thrive, and so they offer between £5,000 and £25,000 to start-ups looking to expand and grow over time. There any many different types of grant and these can be applied for online by any business that has been trading for over 24 months, and you will pay this loan back over 1-5 years. Not only does the government award you money, but you are also able to gain their guidance in writing a business plan and in the form of a mentor for 12 months.

·        Award Schemes and Investors

Many large businesses and institutions also run award schemes and funding campaigns in the UK for small businesses looking to grow. Many of these grants value innovation, research, and entrepreneurial ambition, such as The Prince’s Trust, which awards young entrepreneurs looking to start up a business idea. If your business is not applicable to these, you should think about looking for an angel investor who can help you to grow your business through contributing capital. You are most likely to find these through attending networking events which will give you the opportunity to interact with other businesspeople.

·        Crowd-Funding

If you want to get your local community and other parties who may be interested in your products and ideas involved in your campaign, why not start up a crowdfund for your business? Crowdfunding through resources such as Kickstarter is an excellent way to find investors from all around the world, and you can also share your campaigns on social media to attract the investment of friends, family and their wider circles.

·        Bank Loans

Lastly, a more traditional way to get the capital that you need is through bank loans, which will often be available for between £1,000 and £2,000 and which you will have to pay back when your business has started up. You should consider when doing this whether you want to get a secured bank loan against your business or an unsecured loan, both of which have their advantages.

 

Posted by Mark at 12:54pm

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