There are many banks providing business finance in the UK and dozens more organisations providing finance, from peer-to-peer lenders to asset based financiers.
Each lender’s regional reach and appetite across sectors differs – so it may well be that whilst one lender can’t help you – another might.
The Government and BBA have worked with an array of finance providers to produce a useful directory to help you find alternative finance providers:
There are also Community Development Finance Institutions, peer-to-peer lenders, asset financiers, invoice finance and more that can be accessed through businessfinanceforyou.co.uk and you can find out more at www.gov.uk/business-finance-explained.
Many businesses aren’t aware that when applying for finance, lenders will check the credit scores of the business and its directors.
Your credit score can be affected by a range of things, including:-
Unpaid bills (yours or others at your address)
Whether you’re on the electoral roll
Paying suppliers promptly
Past searches for credit (including getting quotes for finance or utility contracts)
If you have been surprised to be declined finance it may be worth asking a credit reference agency for your score – visit www.bipa.uk.com to find out more.
Commenting on the High Court’s judgement on the judicial review of the Airports National Policy Statement, BCC Director General Dr Adam Marshall said:
“Business communities across the UK will be bitterly disappointed that plans for a world-leading hub airport are now at risk.
“Without expansion, firms risk losing crucial regional connectivity and access to key markets across the world.
“The benefits of a third runway would extend far beyond south-east England. Hundreds of UK companies are already invested in the supply chain for expansion, and tens of thousands of additional jobs will be created if the project goes ahead.
“Heathrow and the wider aviation sector have set ambitious emissions targets, and like every industry, must continue to become greener. Britain’s future depends on investment in a modern, integrated, low-carbon transport infrastructure that keeps trade flowing while minimising environmental impacts.
“There has never been a more important time to demonstrate that Britain is open for business. The government must back Heathrow expansion unequivocally and take all necessary steps to finally move the project forward.”
We talk about passion a great deal at the Chamber. I strongly believe it is passion that keeps the business community motivated as we face ever increasing challenges. The responsibility of running a business is pretty mind boggling at times. Not only are we responsible for the staff we employ, but we also have a responsibility to our suppliers who rely on our business and to our customers as part of their supply chain.
As the economists get their heads around why, when the country is employing more people, the economy is still not growing, it is up to the Norfolk business community to get our heads around what will help us grow the Norfolk economy and as a result our own businesses.
There are actions we take on a daily basis as an individual business to develop our organisations and you only have to ask a business person to talk about their business to see their eyes light up and their passion. What is less understood is a business person’s passion for their local area.
I can identify recent examples which demonstrate just this. Last Thursday our local MPs held an East Anglian Rail Summit in Westminster with the Rail Minister Simon Burns MP. I had a significant list of businesses willing to give their time and come with me to represent the wider Norfolk business community and ensure the Norfolk business opinion was taken into account.
Although there was in my opinion, too many ‘jam tomorrow’ statements from the Minister, Norfolk Chamber members were able to reiterate that the rail improvements are not only about an improved rail passenger experience but also about business growth and jobs.
I am back in Westminster this week with a different set of businesses as part of delegation led by Norfolk Chamber to meet with the Energy Minister John Hayes MP. The passion of the energy sector and the supply chain opportunities they give Norfolk are significant and we need to influence his decisions on a number of issues affecting this sector.
My last example relates to the launch of the important Norwich for Jobs campaign, led by Chloe Smith MP, to get more of our young people into jobs. I took the opportunity of this high profile campaign to capture information from the Norfolk Chamber members as part of our ‘Unlocking the Potential of Norfolk’s young people’ activity. I received feedback from over 120 individual businesses in less than 48 hours – who says business people are not passionate and engaged. Later this week 150 businesses, schools and public sector partners are giving their time to attend our MPs event to help find solutions as to how to help develop our young people into quality employees of the future.
Yes as a community we are very busy keeping our businesses moving forward; yes we often have a short attention span for what we see as public sector procrastination; however, as a Norfolk business community, we have a passion for our local area and want to make a difference.
More companies are exporting – and to the fastest-growing markets. But targeted support will more than pay for itself by connecting businesses to new growth opportunities in some of the world’s biggest economies.
Last week, the British Chambers of Commerce published the first of three reports on the state of the export economy Exporting is Good for Britain But….Market Barriers Stifle Opportunities. The report draws on the findings of their annual international trade survey – the largest of its kind in the UK with well over 4,600 responses including many Norfolk exporters.
The aim is to go beyond the dry and volatile statistics of official trade data to engage with the experience of businesses in the real world: are they actively exporting, and if so – to where? What are their aspirations? What do they feel about particular markets? What are the major opportunities and challenges they face?
The results show that Chamber members continue to grow more export-oriented, with 39% actively trading into overseas markets compared to 32% in 2012. And while the EU remains the most popular market, both for current and ‘potential exporters’, more member businesses now trade with the Middle East and Africa than with North America (57% versus 47%). This is likely to reflect two things: the solid growth performance of economies like the UAE and Qatar with their demand for oil and gas equipment, infrastructure and construction expertise (all big areas of strength for UK exports); and the role of the Arabian peninsula as a globally-important transhipment hub.
But for me, the most striking finding of this report relates to how businesses view the fastest-growing markets. The conventional wisdom is that the UK as a whole needs to re-orient its export activity towards fast-growing economies like Brazil, India, China and South Africa (the so-called ‘BRICS’). But what do businesses themselves feel about these markets? Exporters that have entered these markets are confident in their ability to expand sales there and view them as their top prospects for growth. The positive experience of companies that have made the leap into these markets hints at the huge potential for the UK to grow its export base if the support is there to help them connect to these markets.
So what do we need to do? Whenever I talk to exporters thinking about entering these kind of markets for the first time the strong feedback, particularly from small and medium businesses, is: solid leads on contract opportunities would give the juiciest incentive to commit. That’s why the Chamber welcomed the Government’s ambition to develop the network of British Chambers and other business groups overseas, initially in 20 priority markets, as a practical platform for exporters to access new markets.
This programme must now be implemented and at scale: as in Germany, France and other developed nations, supporting a firm two-way trading link between UK and overseas Chambers would enhance the future export competitiveness of the UK. Greater access to trade shows and increased funding of UK pavilions at key trade fairs must also be prioritised.
I had a great day yesterday meeting up with fellow business leaders from many Chambers as the British Chambers of Commerce celebrated its Annual General Meeting, as well as the Parliamentary launch of Chamber’s ‘Business is Good for Britain‘ campaign. It was really good to see the Chamber network out in force and influencing government actually inside Westminster.
The launch was attended by, amongst others, Communities Secretary Eric Pickles, Business Minister Mark Prisk both of whom I managed to engage in a short conversation to put forward Norfolk’s case for investment. Also there supporting us was Brandon Lewis MP, amongst a range of other MPs and peers, despite the fact that it clashed with a hastily-arranged debate on how to investigate the recent scandals that have rocked both business and public confidence in the banking sector.
We now have the backing of over 30 MPs for an Early Day Motion in support of the ‘Business is Good for Britain’ campaign, and that support is growing day by day, thanks to cross-party leadership by friendly MPs and efforts nationwide to get local politicians to sign on. I am hoping that all our local MPs will sign up soon to show that they believe that ‘Business is Good for Norfolk’ too!
As noted at both the Parliamentary event and at the BCC’s Summer Reception, critical decisions are needed over the coming months to create the sort of enterprise-friendly environment we need to enable business growth for years to come. The Chamber Network will continue to put forward bold and imaginative proposals on business finance, infrastructure, and ways to boost international trade. And as Sir John Peace, chairman of Standard Chartered, Burberry and Experian noted in his address to reception attendees, the Chamber Network will also focus together on youth employment and the development of tomorrow’s workforce.
You may have also noticed yesterday that I have finally got the ‘twitter bug’ so please do follow me to make it all worthwhile! @nccCaroline
Caroline Williams with John Longworth, Director General of the British Chamber of Commerce
Did you know children’s careers ambitions are already limited by the age of seven?! The BBC covered a recent report from the OECD, where the company’s director, Andreas Schleicher, said how “talent is being wasted” because of ingrained stereotyping about social background, gender and race.
The Norwich Opportunity Area has launched a new campaign called #fromNorwich, designed to help inform aspirations about what’s possible!
There is a significant bank of research about the importance of having conversations about different sorts of jobs from an early age. Children form stereotypes about certain careers and job roles in primary school based on the world around them and who they know.
The NOA are calling on Norfolk businesses to make sure their future workforce are excited and inspired by the various jobs available in our area throughout their education journey – get involved in the #fromNorwich campaign by adding your own clips to the project!
Adults – record yourself saying: “When I was younger I wanted to be a … Now I am a …”
Children – record yourself saying: “When I grow up I want to be a…”
Or why not do it together?
Simply upload your clip to Instagram or Twitter and tag @fromNorwich to share your story!
I was recently asked the question: How much do businesses need Europe? The feedback I received from our members was loud and clear. Europe is a very important trading market to a large number of significant employers in Norfolk.
Europe represents a large market opportunity and business potential of any company based in the UK. Over 50% of exports from the UK go to EU and in this region, it is even more significant, with 60% of our exports bound for the EU.
With 500 million people, Europe is a large internal market for business. There is the ability to move goods and services as freely from Norwich to Berlin as from Norwich to Leeds.
The absence of tariffs and administrative barriers has helped Norfolk businesses enjoy the sort of freedom that firms in other free trade areas enjoy. A quote from one of our Norwich member reflects much of the feedback we received: “The thought of a divided Europe with the associated export and legal requirements is like a doomsday scenario”
The EU provides businesses with access to new markets, a wider pool of labour and very importantly suppliers. In many instances this has led to lower costs making products more competitive not just in Europe but domestically and to other overseas markets.
Europe is seen as having a ‘low barrier to entry’ for companies looking to grow their market overseas for the first time. As the UK market continues to be challenging local businesses are looking to grow their business internationally. The comparative ease of trading with Europe is seen as a good first step before tackling the more challenging lucrative markets such as Brazil and China.
The U.S., Japan and India are in the process of agreeing free-trade agreements with the EU. Whilst the UK has 60 million people and is an important market for them, they are more interested in the 500 million EU market. Working together as a single market does give us stronger negotiating powers.
Norfolk is increasingly attracting investment into local companies with one of their objectives being to access the single market. Would this continue if we were not part of Europe?
However it is not all sunshine and roses. With 400 new laws being passed by the EU since the Coalition came to power at a cost to taxpayer and businesses of £700m, change needs to happen, particularly relating to Employment Law and Health & Safely directives.
Business wants to see is a level playing field especially relating to Compliance. Often what the UK interprets as ‘Rules’ the southern and eastern European countries interpret as ‘Guidelines’. We need more decisions made in Westminster not Brussels. We need the protectionism against our service providers occurring within some Member States recognised and stopped.
The consensus from Norfolk Chamber business members were that being part of the EU was very important as a trading single market but changes do need to be made.
Congratulating the Prime Minister on his election victory, as reported at 7.00am, Nova Fairbank, Head of Policy for Norfolk Chambers said:
“Restoring business, investor and consumer confidence – and firing up the economy – must now be the Prime Minister’s top priority.
“Campaign slogans must give way to a renewed focus on the details that matter. The Norfolk business community needs to see swift, decisive action to avoid a messy and disorderly exit from the EU and to tackle the barriers holding back investment and growth here in Norfolk and the rest of the UK.”
Businesses’ priorities for the new government include:
Avoiding a no-deal exit from the EU and delivering a smooth transition giving firms time to prepare.
Acting rapidly to reform business rates and replace them with a fairer system.
Pressing ahead with improvements to transport infrastructure including A47 improvements, and rail infrastructure improvements, as well as additional capacity at Heathrow with regional connectivity.
Investing in our skills base and reforming the Apprenticeships Levy so that more small firms can access high-quality training locally, at affordable cost.
Delivering a sensible immigration system that gives firms access to essential overseas talent at all levels.
From the 9th January 2020, the ESFA is expanding access to the apprenticeship service to employers who are not one of the existing 22,000 levy-payers using the service already. This will be of enormous benefit to SMEs connecting with apprenticeships across England.
Non-levy payers will now have greater ownership, visibility and involvement with apprenticeships, funding and access to a wider range of high-quality training providers. This will mean that SMEs – that form 99 per cent of the businesses in the UK – will be in greater control of the apprenticeships that they engage with.
The early transition – from now until March – will be an initial test phase, during which time we will undertake large scale testing, seeking feedback from smaller employers and training providers. During the transition in 2020 we will continue to run contracts with training providers so smaller employers have a choice around how they access apprenticeship funding, joining the apprenticeship service when they feel they are ready.
During the test phase, additional funding will be made available for up to 15,000 new starts through the service.
As we enable smaller employers to use the apprenticeship service, we are introducing the ability for them to reserve a funds for training. This will allow us to forecast, monitor and manage apprenticeships funding within the overall budget for apprenticeships. To manage a gradual transition from contracted training provision to employers arranging their own apprenticeships through the apprenticeship service, employers will initially be able to reserve funding for up to three apprenticeships.
Responding to the package of government announcements to help businesses affected by Coronavirus, BCC Director General Dr Adam Marshall said:
“Businesses will welcome the scale of the Government’s latest response, as well as the specific support it is offering to some of the worst-affected parts of our economy. These measures could be a lifeline for many businesses across the UK who are now experiencing wholesale disruption as a result of the pandemic.
“The key to the success of these measures is whether they get cash to businesses on the front line, fast. Companies need practical details, at great speed, for these interventions to have the desired impact, and to reassure firms across the UK.
“Both the Prime Minister and the Chancellor were clear that the Government would do whatever it takes over the coming days to support businesses, their employees, and the economy. Further measures will be needed to help all firms and their employees meet this unprecedented challenge.”
George Osborne got a number of things right in his Spending Round for 2015/16 this week. From a business perspective, longer-term commitments to infrastructure funding – including a clear nod to British Chamber of Commerce proposals for road maintenance and house-building – will yield both confidence and additional activity. So, too, will the Chancellor’s efforts to shield some business spending priorities from his well-honed axe, including export support, science and innovation, and defence procurement. A number of the things that featured on Chamber members’ wish lists, we are told, will be tackled in the near future – if not immediately.
Yet the Chancellor, and the political elite as a whole, also got some things very wrong. The overly partisan tone of his speech, and the debate which followed, was a sobering reminder of the fact that both sides of the House of Commons remain more focused on electoral advantage than the national interest. Questions remain about whether, and how fast, ministers’ promises of action and investment will materialise. But most importantly, the Spending Round represents a failure to more radically re-prioritise state spending on growth and competitiveness. Despite a clear effort to contain, if not slash, ballooning welfare and entitlement spending, the government’s failure to radically re-shape the state may be something Britain lives to regret in the second half of this decade.
For every win for national Chamber network lobbying – and there were many, from long-fought road improvements on the A14, A19, A303 or M20 – I cannot help but wonder what might have been if a truly ground-breaking course had been set with wealth creation, prosperity and competitiveness at its heart. Norfolk Chabmer was particularly disappointment that the A47 was not on the list for funding but we will continue to lobby for what we know the business community needs.
So we will continue the support BCC in their fight , led as of yesterday’s Annual General Meeting by a new BCC President, Nora Senior. You may have caught Nora’s first interview in this morning’s Telegraph, the first of many to come over the next two years. I know she will be a strong and effective champion for Chambers and business, just as her predecessor Martyn Pellew has been, and look forward to working with her.
We are delighted that Nora will be one of our key note speakers at our Unlocking Potential Business Conference in Norwich on 22 November.