Talking Business Live: Show me the money!

A panel of experts shared some vital information when it comes to helping businesses obtain funding at the latest Marketing Derby Talking Business Live debate.

Businesses are under financial pressure like never before – cashflow, P&L and balance sheets – and it is crucial to be aware of the support available through these troubled times.

At the Talking Business Live session, called Money, Money, Money, which was chaired by Marketing Derby managing director John Forkin, a panel of Bondholders came together to give insights into the various avenues of funding available to support businesses and other organisations.

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It was very much an elite panel made up of people at the heart of various funding programmes.

Among them was Rachael Grime, chief executive of Foundation Derbyshire, who reminded the audience that it was not just businesses who needed funding support in these challenging times.

The foundation acts as bridge between those with the means to donate and community projects throughout the county.

She said: “One of the positive things to come out of the pandemic is that it has put our voluntary and community sector front and centre stage and made us all appreciate the really vital and extensive role it plays in the well-being of us all – our families, our businesses and our communities. It really is the glue that binds us.

“If you know of any groups who are in need of support, please send them our way.”

Apply for a grant with Foundation Derbyshire here.

A couple of weeks ago, Derby City Council announced that it is now accepting applications for two new government grant schemes for companies who have been impacted by the current lockdown.

At the debate, Gareth O’Donovan, head of economic growth at Derby City Council, revealed that it had received 800 applications within a week of them being accepted. He also revealed that the city council was working on some new funding schemes, which would launch early next year.

He said: “If you think you are eligible for either of the two new government grant schemes, please do apply now.

“At Derby City Council, we also have a scheme called the Derby Enterprise Growth Fund, a capital grant and loan scheme for which we are inviting expressions of interest. The minimum grant or loan is £20,000 up to £250,000.

“We also have a new scheme coming down the track, which we are due to launch in January called Ascend. It’s a partnership between the city council and the University of Derby, targeting high potential start-ups.”

For business financial support from Derby City Council, please click here.

Chris Pook, Growth Hub manager at D2N2 Local Enterprise Partnership, shared details of its own Business Investment Fund.

He said: “We can offer grants of between £3,500 and £20,000, which are very much focused on trying to improve productivity and efficiency within local SMEs.

“We are trying to fund projects that can benefit businesses in terms of a step change in what they do. We can fund digital technology investments, consultancy projects and kit and equipment purchases. By far the most popular of these three is kit and equipment purchases and we’re seeing a lot of inquiries from the engineering and manufacturing sectors.”

Please click here to access The UpScaler Project – Support and Funding for Innovation from the D2N2 Growth Hub.

For HMRC/Gov business support please click here.

Lisa Richards, accountancy and business services partner at Dains LLP, talked about what bank loans are available, the support that HM Revenue and Customs can give and the furlough scheme.

She said: “There has been a bit of confusion around the term lengths of the CBILS loans. The scheme has been extended to 31 January and there are 100 registered lenders who are part of this scheme. So, if you have applied previously and been unsuccessful it is worth applying again.

“The furlough scheme has been extended until 31 March. The deadlines for making claims are shortening, so please make sure you don’t miss out.”

Vincent Seddon, business development manager at TBAT Innovation, talked about the financial support available to help support innovation.

He said: “There is support available to help companies innovate their way out of the current pandemic, such as through grant funding from Innovate UK.

“Specifically, through science and tech, they are looking to support businesses and projects looking to create innovation that is then going to be commercialised.”

For Innovate UK support grants details please click here and for help with R&D Tax Credits and Grant funding please click here.

Mark Wheddon, head of delivery at the University of Derby’s Invest to Grow scheme, said: “Through Invest to Grow, we provide funding to help firms innovate, grow and create jobs. We've supported 250 firms so far and are ahead of our jobs target.”