Accessing Funding: Grants, Debt & Equity workshop round up

The workshop, led by Roya Croudace featured a highly interactive format with extensive attendee participation.

During the workshop, Roya covered several aspects of funding and finance for SMEs. She began by explaining local and national grants and non-repayable funds from various governmental and non-governmental organizations to support SMEs in specific sectors or regions. Roya highlighted the specific eligibility criteria and application processes for these grants.

Roya informed attendees that the Selby Trust has access to Grant's online subscription to assist program members in finding suitable grants. This resource provides access to various grant opportunities tailored to different needs and sectors.

The discussion then moved on to debt products. exploring start-up funding, typically offered by banks and financial institutions designed to help new businesses cover initial costs and scale their operations. She also covered other debt products such as business loans, lines of credit, and invoice financing.

Equity investment was another crucial topic addressed during the workshop. Roya described how venture capital investors provide capital to high-growth potential start-ups in exchange for equity, making it ideal for businesses looking to scale rapidly. She also touched on angel investment, where individual investors provide funding in exchange for ownership equity or convertible debt, often used by start-ups to gain initial traction.

Roya emphasized the importance of understanding how different funding options can be combined or used individually to develop a robust financial strategy. She provided insights on complementary funding, such as combining grants with debt products to reduce repayment burden while ensuring adequate capital for growth. She also discussed sequential financing, which involves starting with grants or start-up funding to prepare a business for later stages of equity investment, creating a solid financial foundation.

To ensure businesses are finance-ready, Roya stressed the importance of preparing a detailed business plan that clearly outlines business goals, strategies, and financial projections. This advice empowers the audience to take control of their financial planning. Maintaining accurate and up-to-date financial records that reflect the business's financial health was also highlighted as crucial. Understanding funders' criteria, showcasing strong management, and being transparent about the business's situation and needs were other key points emphasized to build trust with potential funders.

To further support attendees, Roya provided a cash flow and Profit & Loss (P&L) Excel template, offering a practical tool to help get started with financial planning.

The diverse funding opportunities available to SMEs require a strategic approach. By understanding each funding option's advantages, challenges, and suitability for different business stages, business leaders can make informed decisions to support their growth ambitions. The Selby Trust's resources, including access to 'Grants online', are invaluable in navigating these opportunities effectively.