Step 5 – Finance and Funding for your Business
In order to launch your new venture you may need funding or finance of some sort. There are various options open to you which you will need to research and find out what works best for you and your business.
The Kent and Medway Growth Hub provides dedicated advice on funding and finance available to businesses. On their website you will find information about grants and loans that are open to companies as well as a link to the British Business Bank Finance Finder which will help you understand what options you have.
Tip: Remember that loans have to be repaid over time whereas grants do not, and investors will want to see a Return On Investment (ROI) if they support your company.
Tip: if you are creating a completely new, innovative product, you may be able to get grants or loans through Innovate UK. They often hold innovation competitions for businesses that can help find solutions to specific problems.