Is there such a thing as a business start up grant????

stokiedav

Hi, new to this and only joined up today so please bare with me.

A bit of history to give a bit of insight into me. 5 years ago i made myself (personal) bankrupt which has all been finalised and finished know. I had my own business for 18 months aprox 2 and 1/2 years ago which was very sucessfull and turned over £144k, until one of the contractors (a friend) took us for 38k and subsequently forced us to close the business but fortuantley ALL debts were paid off. The business was in my wifes name due to previous bankruptcy.

My line of work is im a qualified pipefitter welder who has worked as a contracts manager for the last 7 years including overseas work.

I have since had 1 job working for a local company but was made redundant 6 months ago and me and my family (wife and 3 children) were forced to get a council house and claim the usual benefits, JSA, Tax Credits, Housing Benefit etc.

I have know been offered work for a large company as a subcontractor with the added bonus of my cousin is the manager and says that they have alot of working coming in and it can all come my way meaning have a few engineers working for me. But, funds dont allow me to take up this oppertunity and with my past bankruptcy the banks will just laugh me out, and i dont want to put this business in my wifes name as she is currently pregnant and dont want her to have added stress!

This is where the title comes in, is there such a thing as a start up business grant from the government. From past experience i estimate aprox £5-7k would get me under way.

Many thanks in advance for any help that anyone may be able to offer.

Stokiedav:)

tigeress289

The short term answer is NO. Government funding has dried up and most local business centres are struggling to survive. First thing you need is a good business plan but in all honesty if there were any chance of funding, you would be looking at 6 months away, before you had a chance, if you could find it. Try your hardest to borrow from friends or family and do not waste time on mis leading information. Check out your credit rating as a start, it might not be as bad as you think. And whatever you do, stay clear of short term, high interest loans. From your post, take the job and look after number one and then try to save from there.
best of luck

Hammyman

Sadly, I concur with the above. Once you are above 25 there is next to nothing and above 30, nothing unless you are lucky enough to want to start the business in an area so deprived it qualifies for European economic assistance and you are going to be employing local people from the start. Get in contact with your local Business Link before it shuts.

patman99

OP, if you are garaunteed a large and profitable run of work, then when you do your business plan remember to include this. If you approach a bank such as the Co-Op (free for a year, then £5 p/mnth) they may look on you more favourably than if you leave it out.

I believe that if you are 55+, the Prince's Trust has a scheme.

Not all banks are blinkered by your previous mistakes. Come to think of it, as you would be a sub-contractor, would there be any issues with the company if you were to register as a Limited company (with your OH as sole Director of course). If this is feasible, then it might be possible for your OH to apply for a company loan.

I do think it is a joke that there is no Govt grant (or, even better, a fixed-rate start-up loan) available to enable someone to start a business, even when it is going to make a profit from day one.

Whatever happens, keep us posted.

Just a thought, could your cousin loan you the cash ?, or would this be breaking any law ?.

tigeress289

The Princes trust for over 50's is called Prime. I can tell you that there is little chance, as for there being a Government grant, there is none. It is not a joke. You can only borrow money at this time if you have a good credit rating or funds that you can put in as well. Business Link are closing daily as well as working Links. That is not a JOKE. There is no grants for one man bands. If anyone knows different ,please post.

skintbint_2

http://www.dwp.gov.uk/adviser/updates/new-enterprise-allowance/

http://www.direct.gov.uk/en/Employment/Jobseekers/LookingForWork/DG_173931

a couple of links to the "new" enterprise allowance scheme - think it just the wheel reinvented from 20 years ago!!!

canonman

I know there are private "Angel Investors" but they deal with mainly internet startup's but they will invest anything worthy.

Google Angel Investment UK

There is a £99 Fee or something along those lines.

stokiedav

Hi, Thanks for all your replys and words of advice. Firstly, there is no possible way that my cousin could invest any money into me or my company as it would then be seen as i dont know some sort of price fixing or cartel to ensure he gets his return against other contractors, to be fair i had thought of going along them lines and asking the question but im sure this would be the case.

Checked my credit rating (lucky the pc didnt blow up haha - shouldnt laugh really) and its not good. As for a loan from OH previous company or on there behalf thats another no-no as we closed it down a few months back.

Checked out the links you had posted and all very usefull but feel sure they are dead-ends as already been on most!

Feel destined that this chance of work is very slowly passing me by, very very frustrating Oh well, put me down as another unemployed statistic and a drain onto this already dry society

Will keep you posted as and when i hear anything, if you havent heard from me in 14 days pressume lost at sea

P.S. Im 36 and 37 on monday - YIPPEE

saintjammyswine

Have a look at local Social Enterprises, there is one local to me that owns property and the profits from that go into a fund to help local people start up companies and enterprises from training and coaching to start up grants (or loans sometimes).

EDIT: Also try the following

http://socialenterprisefoundation.org.uk/

Community development / Regeneration


British Urban Regeneration Association (BURA) http://www.bura.org.uk/


Centre for Local Economic Strategies http://www.cles.org.uk/


Communities online http://www.communities.org.uk/


Community Action Network (CAN) http://www.can-online.org.uk/


Community Development Foundation (CDF) http://www.cdf.org.uk/html/menu.html


Community Education Development Centre (CEDC) http://www.cedc.org.uk/


Community Matters http://www.communitymatters.org.uk/


Development Trusts Association (DTA) http://www.dta.org.uk/


Funder Finder http://www.funderfinder.org.uk/


Regenesys Ltd http://www.regenesys.co.uk/Default.cfm


Social Enterprise


CREATE UK Community Recycling and Training http://www.createuk.com/




DTI Social Enterprise Unit http://www.dti.gov.uk/socialenterprise/about.htm

nexus2011

http://www.businesslink.gov.uk/bdotg/action/home?domain=www.businesslink.gov.uk&target=http://www.businesslink.gov.uk/

http://www.dwp.gov.uk/adviser/updates/new-enterprise-allowance/

annasoper

Actually, you can get a start up grant. You need to speak to someone from your local Business Link. But getting a grant is no easy task. You have to get fool proof business plan, and actually demonstrate that your business is going to benefit the local economy in terms of job creation etc. Also, you usually get a grant to supplement your investment. For example, if you require say 30k to do something in your business, the body giving the grant will usually require you to invest 20k into your business to get a 10k grant. Also, grants are not usually given as start up capital, but towards expenditure. Your best bet is to speak to some one from business link. Good luck