THE BRITISH Business Bank has launched a new guide aimed at smaller businesses, to help them understand how different financial products can support them at all stages of their development.
The new guide, Making business finance work for you, was launched during the Bank’s Business Finance Week last week, and is available to access free of charge at https://www.british-business-bank.co.uk/finance-hub/making-business-finance-work-for-you-guide/
The new guide is designed to help businesses make informed choices about accessing the right type of finance. It highlights the seven most common challenges businesses might face and the types of finance that could help to meet them:
· Starting a business – Starting a new business often requires capital – money that is used to help research a business idea, create a prototype product, or purchase equipment or machinery that a new business will use.
· Research and development – Research and development (R&D) is when a business develops innovative products, services, or processes.
· Importing and exporting goods and services – Businesses selling goods or services overseas face risks when it comes to cash flow and receiving payment from buyers.
· Protecting cash flow and working capital – Cash flow can be unpredictable with unforeseen costs, seasonal fluctuations, and wider economic challenges all impacting business growth.
· Debt consolidation – If a small business has multiple loans or lines of credit, they may decide to consolidate their debts into a single, more manageable loan.
· Purchasing a major asset – If a small business is looking to acquire another business or invest in a large asset, such as specialist plant or machinery, an injection of capital may be required.
· Scaling and growing a business – Whether it’s opening a new location, expanding product lines or increasing production capacity, growth requires capital.
Louis Taylor, Chief Executive Officer, British Business Bank, said: “It can be challenging for businesses to find the right finance at the right point in their journey. I hope our new Making business finance work for you guide can help businesses across Scotland find the information and finance that they need to take them to the next level.”
As well as online, the ‘Making business finance work for you’ is also available in Accessible pdf, hard copy, Braille, Audio-Described and Large Print (20pt) formats.
According to its latest Annual Report and Accounts, the British Business Bank was supporting £441m of finance to 6,121 businesses in Scotland as at 31 March 2023.
