Asset Finance and the Regional Growth Fund

Does your business need a cash injection, new equipment or vehicles or money to fund growth?

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The Regional Growth Fund (RGF) is a competitive £3.2 billion Government fund operating across England.

Does your business need…

  • A cash injection
  • New equipment or vehicles
  • Money to fund growth
  • A new lease of life

Are you…

  • Stuggling to find the deposit?
  • A small to medium enterprise (SME)?
  • An employer

If so – we may be able to help you with Regional Growth Funds – Get in touch with us to find out more!

At WF Financial Solutions we are experienced in arranging finance for SMEs, whether it is a matter of replacing plant and equipment or increasing the size of your vehicle fleet. And it doesn’t matter whether you are operating a one-man business or employing a couple of hundred or more staff.

We work with business partners who can access grants from the Regional Growth Fund (RGF). This means that in some circumstances you may be able to raise up to 100% of the cost of new plant – 80% finance and up to 20% grant. This is a government scheme to stimulate growth in SMEs and thereby create new jobs (or safeguard existing jobs which are under threat).

Our staff are skilled in raising all types of commercial finance including:

  • Asset finance for new purchases and re-finance
  • Invoice finance
  • Trade finance for imports & exports
  • Start-up finance for new businesses
  • Bridging Loans
  • Commercial mortgages / re-mortgage
  • Construction finance

Regional Growth Funds

Is yours an eligible business?

The Regional Growth Fund (RGF), as the name suggests, is a government backed scheme aimed at stimulating growth and in turn either creating new jobs or safeguarding existing jobs which may otherwise be at risk. The following criteria apply to applicants for RGF:

  • Your business is planning to make a capital investment which will either expand your current production or diversify into a new area which would generate new jobs.
  • Alternatively, there is a plan to invest, the result of which will preserve existing jobs which may otherwise be lost.
  • Your business is an SME (ie with under 250 employees and achieving sales of less than £35 million)
  • Your business is unable to fund the deposit to complete the deal

 How much is available?

  • For each full-time job created or saved, a grant of £10,000 is available up to a maximum of £500,000, covering up to a maximum of 20% of the value of the investment
  • The availability of the grant is also dependent on the size of the business, the number of jobs being created as well as the size of your business and its location

What if my company does not meet these criteria?

  • We still have a wide choice of alternative solutions even if you do not qualify for RGF
  • There are funders and private investors who are not normally accessible other than through an intermediary

 

New Start-up Businesses

 New business & looking for finance?

If you are starting a new business, you may think it would be difficult – if not impossible – to arrange finance but often WF Financial solutions can assist.

You may think that lenders would be hesitant to offer finance to an unproven business but it is possible to arrange certain types of asset finance to fund vehicles and equipment to help you to run your new business. And if you are planning on working in a B2B business (ie trading with other businesses rather than the public) debtor finance may be the answer to help your cash flow.

Debtor finance (such as factoring) enables you to raise finance against the invoices issued for completed work. This means that instead of waiting for a couple of months for the invoice to be paid you can receive an advance usually within 24 hours.

In the last year or two a whole host of new investors and lenders have come to the market. These are “peer-to-peer lenders” and “crowd funders” who offer funds through the internet where risk is often spread across numerous investors.

If you are struggling to provide a deposit and you intend employing people you may qualify for a Regional Growth Fund grant.

How do I go about arranging finance?

Starting a business is an exciting time. You will have lots of ideas buzzing in your head about what you want to do and where you see your business going.

  • The first step is to pick up the phone and speak to one of our friendly and experienced advisers (see contact details below)
  • Don’t be put off, but ideally you need to put your ideas in some sort of order and the best way is to create a Business Plan. If the idea scares you or you don’t know where to start you can get help. The following government web site has plenty of good, common sense advice, not just about business plans but also other things you need to do before starting your business: https://www.gov.uk/write-business-plan
  • If writing a Business Plan just isn’t your thing you can use an accountant or a business plan writer.
  • Lenders will want to undertake a credit check

They will also often ask to see recent bank statements and your Business Plan which should incorporate your estimates of how much income you will generate (projections)

At WF Finanical Solutions we work closely with a wide range of finance providers so we are well placed to offer you the dest finance deal.
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