Funding for Growth: Workshop September 2014
9th October 2014
Our fifth workshop for 2014 took place at MyHotel, Jubilee Street on 30 September and generated a lot of questions from local businesses who were looking for ideas on how to fund the growth of their businesses.
The workshop was hosted by our managing director, Paul Feist, and Mike Wilkins and Mark Edon from Allied Irish Bank.
Mark is head of Asset Financing for Allied Irish Bank and he ran through the process and benefits of Invoice Discounting plus provided guidance on the type of businesses that would qualify. Mike then went on to detail some of the standard funding options offered by the bank and explained the Bank’s current appetite for lending and attitude to risk.
Paul then provided details of a number of alternative finance options available to existing or start- up companies, such as Peer 2 Business loans, Equity Crowdfunding and Start-Up Loans. First-hand experience was provided by workshop attendee, Mike Jessop from Hastings based Invest & Fund Limited. Paul also explained about the tax incentives available to equity investors, including Enterprise Incentive Scheme (EIS) and Seed EIS which is available to companies who wish to raise up to £150,000 but as with all such matters, specialist tax advice is a must in order to ensure that HMRC’s complicated rules are met and the tax relief is secured.
The final part of the workshop saw Paul discussing Business Plans and how these are essential for not only helping to raise finance but also to clearly set out the direction in which the owner intends the business to go. A comprehensive business plan should include an Executive Summary, Key Objectives, Marketing and Sales Strategies and of course Financial Forecasts. He ended with the golden rules for Business Plans which include keeping them relevant and not too long!
The audience continued to ask a number of questions about how best to pitch business plans and if you would like any assistance with your business plan or would like to run it past a professional eye, we would be delighted to hear from you.
If you would like to be added to our database and receive invitations to future seminars please email our Marketing Manager Victoria King on email@example.com