FAQ'S

ELIGIBILITY

Does my business have to be located in the East of England to register for Understanding Finance for Business?
Yes you must have a business already established in Bedfordshire, Cambridgeshire, Essex, Hertfordshire, Norfolk or Suffolk or you must be based in the region with intent to set up here.

Who is Understanding Finance for Business aimed at?
It is exclusively for entrepreneurs or businesses with less than 250 employees looking for £10,000 or more.  

Can I get involved if I just have an idea?  
Yes if you intend to set the business up in the East of England region.

I need to raise finance urgently - is this the right programme for me?
'Understanding Finance for Business' is not a quick fix.  It helps you identify the right funding route for your business e.g. grant, bank loan, angel or venture capital, and it equips you with the knowledge and support to enable you to apply/pitch for funding. There are a range of dates and venues so it should be possible for you to attend within a short time period, and then, if appropriate seek mentor support.  However, if you urgently require support, speak to a Business Link adviser or your bank manager.

PROGRAMME

How does it work?  
It's a step-by-step programme:
Workshop 1 -  information on different types of finance and which type of project or business development  they are most appropriate for
Workshop 2 - tailored according to the type of finance you are seeking to raise (grant, bank loan, equity etc) and facilitated by people who are experts in raising that type of finance
Mentoring may be available for some companies who are at the stage of applying for funding if they have attended earlier workshops and have a well developed business plan.

Workshops are scheduled at regular intervals all over the region. Progression through the programme is dependent on completion of diagnostics, clear identification of requirements and having a fully worked up business plan.  There is no entitlement or requirement to progress through the whole programme.

How long does Understanding Finance for Business take?
You work at your own pace and it depends on the type of funding you are trying to secure but you are unlikely to reach a conclusion and secure funding in less than 6 months.

How long are the workshops?
Workshop 1 - ½ day Registration 8.30am Workshop 9am - 1pm
Workshop 2 - full day

Is there a cost?
No - the workshops are free but businesses are responsible for their own travel expenses to attend.

How do you decide which businesses will be able to proceed onto the next stage of the programme?
The team will review the diagnostic you complete at the end of Workshop 1.  You will also need to have prepared a business plan before being able to proceed to the next stage.  Guidance on preparing a business plan will be made available during Workshop 1.

What happens if I am not ready to proceed to Workshop 2?
If you need further support you will be able to access this from Business Link.

Can I go straight to Workshop 2 as I know what finance is available to me/don't have time to go to both?
All businesses should attend a workshop 1 wherever possible however,  there is flexibility for people to proceed direct to Workshop 2 on the recommendation of a Business Link Adviser who will complete a diagnostic with you.  If you have a fully developed business plan and an allocated Business Link adviser, you should contact your adviser to discuss this.

I don't have a Business Link adviser - who else can I speak to about the above?
If you have a well developed business plan, contact Janette Pallas at St John's Innovation Centre, who will assess the correct stage of the programme for you to enter. See www.stjohns.co.uk

MENTORING

How do I qualify for mentoring?
On completion of Workshop 2 you have the opportunity to apply for mentoring.  If you do so, you will be asked to submit a business plan. If deemed suitable for mentoring then a mentor will be allocated to you and he/she will support you through the funding process. If it is felt that your business proposition needs further work, you will be given feedback on this and referred to other appropriate support.

Who would mentor me?
This will depend on the type of funding that you are trying to raise.  For example, if you are raising grant finance, a specialist with a track record in raising grant finance will work with you. If you are looking to raise equity finance, investment specialists with extensive experience in raising equity finance and well developed links into regional investment networks will support you.  If you are raising bank finance, experienced bank managers with knowledge of current lending issues will help you prepare your proposition to banks.

How much 1 to 1 time would be allocated to me for mentoring?
There is up to 1 ½ days of mentor time allocated. As this time is limited, it is essential that the business plan and proposition are well developed prior to spending time with your mentor, to ensure that you derive maximum  benefit from  the knowledge and contacts that the mentor can provide.

Over what period of time?
As with the rest of the programme, mentoring would allow you work at a pace to suit you.