Raising money is tricky but you will save yourself considerable grief if you listen to the audio clips at the Desperately Seeking Finance section of British Library - Business and IP Centre. Here, four finance experts talk through the options: bank loans (banks will look at your credibility, what you want the money for, your repayment source and your security); venture capitalists (ie BVCA), who may invest in return for equity but will want to see expertise in the relevant area; and business angels, entrepreneurs who typically invest £100,000 to £300,000.
Other options include applying for grants (such as from Carbon Trust) or soft loans from, say, government development agencies or local authorities. Soft loans are usually regarded as “loans of last resort”, and are for people rejected elsewhere.
If you are under 30, Shell Live Wire hosts a national competition and has help for new startups, and the Prince’s Trust, offers low-interest loans to unemployed young people with a tasty business idea.
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