Eden, Cumbria, The Lake District – A natural choice for business

Finance

Regardless of the amount of financial support your business requires, organisations working across Eden can meet your needs. As well as providing finance, they can also provide the support and advice needed to maximise your business potential.

Finance options for Eden Businesses - header

There is a wide range of funding options available to businesses in Eden and Cumbria. Whether you are looking to start a business from scratch, or you are looking at growing an existing business, funding can help you reach your goals faster and more effectively.

Below is a selection of options available to Eden businesses, including grants and voucher schemes, low-interest loans, angel investors, crowdfunding and tax relief schemes.

If you would like further guidance on any of these options, please contact the contact us.

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Cumbria Local Enterprise Partnership

Cumbria Local Enterprise Partnership (LEP) is determined to build on the county’s strengths to increase Cumbria’s Gross Value Added (GVA) by working together to exploit local talents, building on entrepreneurial culture, implementing new approaches and ensuring that investment and agreed interventions are targeted at the key issues and opportunities.

Find out more about the Cumbria LEP on their website.

Gigabit Broadband Voucher Scheme

The Gigabit Broadband Voucher Scheme has been created in line with the Government's commitment to fibre-optic broadband. Vouchers are available to small and medium-sized businesses towards the installation cost of a gigabit-capable internet connection. Businesses in Eden can claim up to £3,500 against the cost of connection.

More information on the Gigabit Broadband Voucher Scheme is available on our website.

Northern Powerhouse Investment Fund

The Northern Powerhouse Investment Fund provides commercially focussed finance through Microfinance, Debt and Equity Finance funds.

More information on the Northern Powerhouse Investment Fund is available online.

Other sources of finance for Cumbrian businesses:

Big Issue Invest

Big Issue Invest aims to scale-up social enterprises and charities by providing finance, not grants, from unsecured loans to equity investment.

BII is born out of a social enterprise and is led by social entrepreneurs and experienced social financiers, who have the first-hand experience of setting-up and running profitable social enterprises in both good and difficult times.

You can find out more on Big Issue Invest on their website.

British Business Bank

The government-owned British Business Bank supports small businesses in the UK at all stages of their development. The organisation doesn't directly lend or invest, but instead works with over 100 partners such as banks, leasing companies, venture capital funds and web-based platforms to enable greater access finance for businesses.

You can find out more about British Business Bank on their website.

Creative England Digital Investments

Creative England Investments helps to finance business expansion and new products, with the aim of creating new, high-quality jobs.

Businesses based in the North are able to apply for a loan between £60,000 and £150,000, which is then repaid over 3 years. The loan must be matched 50:50 with other finance, sourced by the company.

You can find out more about Creative England Digital Investments on their website.

Crowdcube

Crowdcube is an online crowdfunding platform that businesses can use to secure funding.

Individuals' investments are pooled, allowing entrepreneurs to secure funding directly from the general public: bypassing business angels and banks. Anyone can invest money in return for equity in a business.

To secure investment, entrepreneurs present their business to potential micro-investors by uploading a Dragons' Den style video pitch and supporting documents. When a pitch reaches its investment target, the business receives the funding raised.

You can find out more about Crowdcube on their website. 

Eden Tourism - Marketing Grant

The Visit Eden Team at Westmorland and Furness Council offer a small marketing grant for tourism-related projects in the Eden District. There is a maximum of £500 available per project and applications can be made at any time throughout the year.

You can find out more about the Eden Tourism Grant on the Visit Eden website.

Funding Circle

Funding Circle is a marketplace where people and organisations can lend to businesses. You can borrow between £5000 and £1M.

You can find out more about Funding Circle on their website.

Kickstarter

Kickstarter is an online crowdfunding platform for creative projects in film, music, art, theatre, games, comics, design, photography, and more. Food and drink businesses can also pitch for funding.

You can find out more about Kickstarter on their website.

Liberis

Liberis offers cash advances of between £2,500 and £300,000. Instead of monthly fixed repayments, Liberis takes a small percentage from your daily customer transactions: enabling flexible repayments in line with your business' cash flow.

You can find out more about Liberis on their website.

LUMS Cumbria Forum

SMEs in Cumbria can grow their companies through the Cumbria Forum programme facilitated by Lancaster University Management School (LUMS). One of the key elements is a six-month business growth programme to equip delegates with the tools and knowledge needed to drive business growth.  The programme provides a space for owner-managers of Cumbria SMEs to step away from their businesses and develop themselves in a supportive environment with help from peers as well as leading academics from LUMS and business experts.

You can find out more about the LUMS Cumbria Forum on their website.

Research and Development (R&D) Relief for Corporation Tax

Research and development (R&D) relief (or credit) is a company tax relief that can either reduce a company’s tax bill or provide a cash sum.

The relief is based on the company’s expenditure on R&D. For there to be R&D for the purpose of the tax relief, a company must be carrying on a project that seeks an advance in science or technology.

You can find out more about Research and Development (R&D) Relief for Corporation Tax on the Gov.uk website.

Shire Leasing

Shire is the UK’s largest privately owned independent funding house, specialising in small ticket leasing specifically for business-critical equipment in the B2B market place. The organisation provides a full range of lease-orientated services, allowing SMEs to acquire assets through small, regular payments on a fixed interest basis.

You can find out more about Shire Leasing on their website.

Start Up Loans

Start Up Loans provides loans and mentoring for people over 18 years old who are looking to start a business. Backed by the Business Bank.

You can find out more about Start Up Loans on their website.

Start or grow your own business

  • Borrow up to £25,000
  • Fixed interest rate of 6% per annum (per year)
  • Repay over a term of 1–5 years
  • 12 months of free mentoring
  • Government-backed

Support for students - Swales Trust Fund

The Swales Trust Fund supports students living in Cumbria, who are being educated for the farming, forestry or horticultural industries. Financial support may be available for study materials, specialist equipment and costs of learning. Awards are generally around £250 but can be up to £1000.

You can find out more about the Swales Trust Fund by emailing Ellen Clements at Cumbria Community Foundation [email protected]

The Farmer Network: Business Support for Young People

The Farmer Network offers business Support for Young People is available to those in Cumbria aged 18-30, who are passionate about setting up or developing a farming-related business, but are limited by the resources available to them.

Short courses in business, advice and mentorship, low-interest loans and training grants are available via the programme.

You can find out more about The Farmer Network: Business Support for Young People on their website.

The Royal Countryside Fund

The Royal Countryside Fund's new strategy for 2021 to 2024 builds on a strong foundation of activity and recognises that the RCF has achieved real success over the past decade. As the charity’s work continues to evolve and grow, this strategy provides a framework for how we can enable family farms to thrive, build confident rural communities and inspire support.

You can find out more about The Royal Countryside Fund on their website.

THINK Business Loans

THINK Business Loans allows you to compare a variety of different loans from over 200 different lenders to see which one meets the needs of your business.

On average, over 85% of applicants are eligible for funding, with loans between £5,000 to £50,000 available.

You can find out more about THINK Business Loans on their website.

Virgin StartUp

Virgin StartUp is a not-for-profit organisation which has helped hundreds of individuals to fund their start-up businesses.

In addition to offering personal loans between £500-£25,000 for entrepreneurs, successful applicants also receive 12 months of business support from experienced business advisers. Support is also available to prepare your business plan and cash flow forecast before applying for funding.

You can find out more about Virgin StartUp on their website.