Access to finance for small business

In the current economic climate companies are struggling to secure the finance they need, not because of any failure in their business but due to much tougher credit conditions.

In response, the Government has introduced a range of measures and support packages to help keep your business fighting fit and fully prepared for challenging times ahead.

There is a range of free support to find finance, raise productivity, or save money by reducing waste and saving energy.

Whether you need to increase cash flow, keep your staff on, improve their skills and flexibility, or simply reduce costs, you can get real help to keep your business fighting fit.

There are specific types of help including the Enterprise Finance Guarantee Scheme which offers loans of up to £1 million for a period of up to 10 years to businesses with an annual turnover of up to £25million.

If your business hasn't been able to secure funding from the bank under the Enterprise Finance Guarantee Scheme, you may be eligible for a loan or other support from the Northwest Regional Development Agency. These programmes include Small Loans for Business, Venture Capital and Loan Funding, Northwest Business Angels, Export Credit Insurance, Grant for Business Investment, and Grant for Research and Development.

In order to help businesses identify their financial needs, the Government has launched a new . The portal, on the businesslink.gov.uk website, will direct companies to the most appropriate form of support and help them ascertain their eligibility for a range of government support.

In addition to the real help with finance set out above, we've also helped small businesses better manage their cashflow, encouraged businesses to sign up to the , offered , and offered .

We are also helping businesses more easily find government funded support by streamlining over 3,000 schemes into 30. All of these schemes are accessible via Business Link.

The Government is working with UK banks and the European Investment Bank to maintain existing lending and make more available to small and medium-sized firms via programmes such as the Working Capital Scheme and the Capital for Enterprise Fund which has a Registration Helpline on 0845 459 9780.

If you are worried about paying your tax, National Insurance, VAT, PAYE or other payments to HM Revenue & Customs (HMRC) then you can contact the Business Payment Support Service. HMRC staff will review payment of your tax liabilities with you and try to come to an arrangement which allows you to spread payment over a period which meets the needs of your business and helps you over temporary difficulties.

Contact Business Link or call the Business Payment Support Service, 0845 302 1435.

You can find short guides on managing cash flow, developed by the Institute of Credit Management and funded by the Government, through Business Link.

The Government is encouraging all businesses to agree to pay suppliers on time. You can see which businesses have signed up to this at Prompt Payment Code. Central Government is also helping by committing to pay its own bills within 10 days.

To get free, confidential and independent help to deal with business debt problems so you can successfully manage your way through financial difficulties, call Business Debtline on 0800 197 6026.