Are you a business looking for finance to grow but are uncertain of what sources would be right for you? If so, these FREE seminars are for you!
Enterprise M3, the Local Enterprise Partnership for the wider M3
corridor, is hosting a seminar aimed at helping businesses both
understand and access new and established sources of business
finance.
During these seminars, you will:
• Gain a valuable understanding of what you need to do to
prepare for investment.
• Explore what types of finance are right for your business at this
particular stage of its life cycle.
• Find out about the range of new and established sources of
finance currently available to the market.
Sources of funding covered in the seminar include: crowd funding
(debt & equity), invoice financing, equity funding such as venture
capital and business angels and export finance.
Details of the seminar:
Date: Wednesday, 23 October 2013
Time: 9 am to 12 noon (Registration from 8.30 am)
Venue: Lyndhurst Park Hotel, High Street, Lyndhurst,
Hampshire, SO43 7NL
To book a place, go to:
www.financeforgrowthoctober2013.eventbrite.co.uk
This seminar is at no cost to you thanks to the kind support of
Guildford Borough Council and New Forest District Council who
are hosting the events on behalf of Enterprise M3 and a range of
private sector experts who are speaking at the seminars.
Tuesday 8 October 2013
Thursday 3 October 2013
Small Firms at risk due to lack of credit checking
More than three quarters of UK SMEs have lost money as a result of a customer becoming insolvent, according to new findings published by information services company Experian.
The firm surveyed 600 SMEs to understand the impact of customer insolvencies in the supply chain; it found that, in the last five years, 76% of SMEs have lost money as a result of customers failing. Nearly a fifth (19%) of these businesses each lost between £5,000 and £10,000, while 35% lost more than £10,000 over five years.
When asked how often credit checks were carried out, 68% of SME owners said they checked their customers’ and suppliers’ credit ratings at least once a year; 24% admitted that they only credit checked new customers, and didn’t carry out ongoing checks; 38% had been running a business for over two years but had only just started carrying out regular checks; and 34% of business owners only started monitoring suppliers after they had already lost money. Ade Potts, managing director of Experian’s SME business for the UK and Ireland, said: “Waiting until you’ve lost money to do credit checks is a bit like shutting the stable door after the horse has bolted. Unless businesses check the credit status of their customers at least once every six months, they risk exposing themselves to further loss.
“The rate of deterioration is far quicker for companies in today’s climate, so the sooner you can spot the signs of financial stress, the sooner you can react. Ongoing monitoring, addressing financial issues such as late payment of invoices head-on and not relying on one big customer or supplier will help lessen the risk of further losses as a result of insolvencies.”
The firm surveyed 600 SMEs to understand the impact of customer insolvencies in the supply chain; it found that, in the last five years, 76% of SMEs have lost money as a result of customers failing. Nearly a fifth (19%) of these businesses each lost between £5,000 and £10,000, while 35% lost more than £10,000 over five years.
When asked how often credit checks were carried out, 68% of SME owners said they checked their customers’ and suppliers’ credit ratings at least once a year; 24% admitted that they only credit checked new customers, and didn’t carry out ongoing checks; 38% had been running a business for over two years but had only just started carrying out regular checks; and 34% of business owners only started monitoring suppliers after they had already lost money. Ade Potts, managing director of Experian’s SME business for the UK and Ireland, said: “Waiting until you’ve lost money to do credit checks is a bit like shutting the stable door after the horse has bolted. Unless businesses check the credit status of their customers at least once every six months, they risk exposing themselves to further loss.
“The rate of deterioration is far quicker for companies in today’s climate, so the sooner you can spot the signs of financial stress, the sooner you can react. Ongoing monitoring, addressing financial issues such as late payment of invoices head-on and not relying on one big customer or supplier will help lessen the risk of further losses as a result of insolvencies.”
Tuesday 1 October 2013
Debt Crowdfunding for Non Limited Businesses
Up until now debt Crowdfunding has only been available to Limited Companies and LLPs with at least 2 years accounts filed at Companies House. On the 21st October Funding Circle will be launching their new service for Non Limited Businesses.
Pegasus Funding Resources is proud to announce that we are one of only 150 brokers who have been authorised to offer this new facility to clients.
An application will require the same information as for limited companies plus bank statements and details of property ownership. This includes: Year to date financial information (management accounts) for the business as for limited company applications, no more than 3 months old including:
• Turnover
• Cost of sales
• Admin expenses
• Interest paid
• Tax paid
• Other (if applicable, please specify)
• Net profit
• 3 months of business bank statements
• Last 2 years of formal accounts
• Statement of personal assets or details of property ownership including address, value and mortgage outstanding for all partners
• Name, address and date of birth of all partners
• Details of the partnership split (but not the partnership agreement document)
• Certified photographic I.D. and proof of address for all proprietors
• Outstanding loans & credit info
• Completed application form submitted online.
Minimum loan size is £25,000, loans above £100,000 will require sufficient security in the form of fixed assets. The business will need to demonstrate affordability of the loan. This is a much needed new service to SMEs.
To find out more contact:
Peter Kelly
Pegasus Funding Resources
01932 244810
Peter.kelly@pegasusfunding.co.uk
Pegasus Funding Resources is proud to announce that we are one of only 150 brokers who have been authorised to offer this new facility to clients.
An application will require the same information as for limited companies plus bank statements and details of property ownership. This includes: Year to date financial information (management accounts) for the business as for limited company applications, no more than 3 months old including:
• Turnover
• Cost of sales
• Admin expenses
• Interest paid
• Tax paid
• Other (if applicable, please specify)
• Net profit
• 3 months of business bank statements
• Last 2 years of formal accounts
• Statement of personal assets or details of property ownership including address, value and mortgage outstanding for all partners
• Name, address and date of birth of all partners
• Details of the partnership split (but not the partnership agreement document)
• Certified photographic I.D. and proof of address for all proprietors
• Outstanding loans & credit info
• Completed application form submitted online.
Minimum loan size is £25,000, loans above £100,000 will require sufficient security in the form of fixed assets. The business will need to demonstrate affordability of the loan. This is a much needed new service to SMEs.
To find out more contact:
Peter Kelly
Pegasus Funding Resources
01932 244810
Peter.kelly@pegasusfunding.co.uk
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