Grants to help young people running small business

sniper786

Hi all,

I have inherited our family business as my father has passed away. At the moment i am trying to get van insurance but it is exceptionally difficult and expensive. I have contacted my dad's insurer who say they cannot transfer the policy into my name but the cheapest quote i can obtain so far is £1600 (with a £320 deposit!) on tons of comparison sites!

I simply can't afford this and the shop has been closed for a while with everyone trying to come to terms with what has happened and we have a lot of expired stock now and to my horror i think my dad had forgotten to renew the insurance which means this is money lost.

Anyone have any ideas of any organisations i can request a grant from or an interest-free loan? This would help me pay for the van insurance

phill99

Try Princes Trust.

Savvy_Sue

I am sorry for your loss.

The insurance situation on the van: it may be best to use a broker in this situation, they'll know who will consider you and who won't.

You're going to need a business plan if you approach the Prince's Trust, and doing one wouldn't be a bad idea in any event. Take a long hard look at whether this is going to work or not.

terra_ferma

Well done for taking over the family business, and being prepared to work hard to save it. :T

Here's some websites that can give you useful information:

general info for young people:
http://www.direct.gov.uk/en/YoungPeople/index.htm

business link (lots of very useful info, from the government)
http://www.businesslink.gov.uk/bdotg/action/layer?r.l1=1073858790&r.l2=1084705429&r.l3=1073866776&r.s=b&topicId=1084705429

grant database:
http://www.fundingcentral.org.uk/Default.aspx

it's seems that most grants are for start-up companies, which I supposed you could be depending on how you put it on the form (e.g. old business gone, new company set up with new goals etc)
http://www.startupbritain.co/loans


hope this helps you, good luck!

YoungBusinessman

Would just like to say i am a young fellow out there fighting to expand myself into a business.....sole trader at present looking to morph into a limited company before long.

If you fancy a yap/need any advice/any questions feel free to pm me.

Savvy_Sue

Going back to sniper, and at the risk of overloading / asking the obvious, a few things have occurred to me ... don't feel you have to answer these, but they are just things which may need to be considered in this situation.

You say you have inherited your father's business: was this via a will? And what kind of business structure is it? If it was just your Dad as a sole trader, the situation is quite different to if it was a ltd company or a partnership.

Was taking over your Dad's business something you were always planning or likely to do, or something which has just happened? If the former, hopefully you already have a good grasp and insight into how it runs. If the latter, do think carefully, the business plan I mentioned is essential, maybe your dad had one which just needs updating, or maybe he was struggling along just because he couldn't see an alternative.

It's generally not advised to rush into major life changing decisions immediately after a bereavement, if it can be avoided, eg moving house / moving out of the area. I'd class giving up paid employment to start running a business in which I hadn't previously been involved as a major life changing decision. Think it through.

paulwf

Sorry to hear of your loss.

Taking over a business all of a sudden is a big step, not something that can easily be done on your own. As Sue says a business plan is essential, it will help you list all of the things that need to be done. A good place to start would be to have a long and honest chat with the current accountant and bank manager. You need to be able to look at the big picture with the finances and put a long term plan in place.

Don't worry too much about the van insurance...some brokers will allow you to pay monthly, banks can provide overdrafts etc.

skivenov

Sorry to hear about your father.

Definiately get some free professional advice.

Your best startting points are the Prince's Trust and Business Link.

Neither tend to give grants as such, or not in any great quantity, but the Prince's Trust do low-interest loans.

Did your dad have anyone who worked with him who might be able to help you out for a bit?