Finance is the life-line of The Business Map

Case study: TUI Travel

The Business Map's Finance line contains information and advice about money and, crucially, sources of business finance in the form of loans and grants.

EEDA's Selective Finance for Investment in England (SFIE) programme (now called Grant for Business Investment) is one funding stream, which seeks opportunities that can demonstrate a wide range of benefits to the economy of the country.

TUI Travel approached EEDA through the SFIE programme to help realise its aims for expansion in Luton at a time when jobs were under threat.

TUI Travel is Europe's largest holiday company. It's also one of Luton's most important employers with 800 people working at the company's HQ at Wigmore House near Luton Airport. But Luton might have lost this vital source of jobs without funds from EEDA's Selective Finance for Investment in England (SFIE) programme. In 2004, TUI Travel's German parent company was looking for massive efficiency savings and thinking about moving much of the Luton operation to Hanover. This would have meant the loss of more than 250 jobs in Luton - a grim prospect for the town.

But the situation was turned around when EEDA awarded two grants under the SFIE scheme, which offers support to companies investing in areas of high unemployment.

A grant of £1.95 million helped streamline operations and relocate head office staff from London to Wigmore House. The savings were big enough to persuade the parent company that the UK operation was viable. A second grant of £1.1 million is helping to fund expansion on to a third floor at Wigmore House, with the creation of another 95 jobs. For its part, the company is investing almost £19 million on its assets in Luton. The economic impact on the area has been considerable. "We're doing a whole raft of recruitment, much of it with local people. These are jobs that might never have been here" explained Rob Coldrake, finance executive, TUI Travel.

TUI Travel's story is an inspiring example of what can be achieved through collective investment and vision. In four years the town has progressed from the threat of job losses to hopes that it may eventually become home to up to 1,400 TUI Travel employees.

SFIE is just one of many ways in which businesses can find significant financial assistance when they need it most. It's important to remember there are many different grants and funding organisations and each will be looking for the right kind of business, often at a particular stage or with special circumstances in order to qualify for funding. It's worth taking the time to understand each source of finance and its objectives before making an approach.

Use The Business Map to identify grants and funding organisations that could help your business or your idea.