Loans
Bank Services
Banks provide a variety of debt-based funding. It is not advisable to use short-term debt such as overdrafts (normally used to finance working capital) to finance longer term engineering development projects, as interest rates tend to be higher and the loan can often be recalled at short notice. It is generally advisable to match the term of the debt to the term of the project.
The Small Firms Loan Guarantee Scheme is geared towards SMEs. Banks frequently require security to support lending to SMEs. If all available security has been pledged, then SMEs may qualify for the SFLGS in which, for a fee, the DTI provides a guarantee to replace the missing security. More details can be found on the DTI website.
Regional Agencies
Some funding and support for SMEs is targeted at regional and local areas. These schemes are often administered by Local Enterprise Agencies; independent, not-for-profit local agencies that aim to serve the local SME market. These agencies can provide financial support to start-ups and existing businesses through loan funds. See the National Federation of Enterprise Agencies for more information and your nearest office.
Other Agencies
Information and additional potential loan sources may be found through the organisations and agencies listed on the Looking for Funding? page.
