Access to Finance
When considering the finance options available for your business it's important to ask yourself some key questions...
- How much finance support do you need?
- How long do you need it for?
- Do you have a business plan in place?
A business plan is essential. It should be concise and to the point and needs to clearly demonstrate:
- An understanding of milestones and break points
- A clear definition of the project being prepared
- The project costs and risks
- A working finance model
There are currently a number of routes available when it comes to accessing finance.
Bank & Finance remains the primary source of funding followed closely by economic development and financial assistance programmes from government organisations and local and district council areas.
There are a number of private investment routes such as private equity investment, business angels and venture capital. These are gaining more prominence in the Northern Ireland market and there are a number of options now available.
Profit retention and loss relief can also present an option for companies to get cash injection back into the business. There are often core qualifying criteria in terms of eligibility, however our team can work with you to assess what areas of profit retention or loss relief schemes you may be eligible for.
For further information or to arrange an initial free consultation to discuss finance options for you and your business please contact Dermot McGale, Head of Corporate Finance.
This article also features in Export Northern Ireland 2016, available here.
Whilst every effort has been made by CavanaghKelly to ensure the accuracy of the information here, it cannot be guaranteed and neither CavanaghKelly nor any related entity shall have liability to any person who relies on the information herein. Information given here is for guidance only. Detailed professional advice should be taken before acting on any information contained herein. If having read the guidance here, you would like to discuss further; a member of our team would be pleased to help you.