Sources of Funding

Once you have drawn up your business plan you will have a good idea of the capital expenditure and working capital needed to meet your set up or business expansion costs. If you have all the funds you need to get going that’s great, but even if you don’t there can be other solutions. Over and above your own funds any additional finance needed may be available from your bank and other organisations. By using these useful sources of financial expertise you may be able to put together an appropriate funding package to get your business moving forward.

Remember, business finance can be raised from a wide variety of organisations as the following examples show.

• Your own funds and funds from family members
• Bank Finance – most commonly used to meet daily cash flow needs and purchase capital items e.g. premises needs
• Enterprise agencies
• Government loan schemes
• Local Authority Development Departments in your business location. They may also have information on funding available from European Economic Community agencies
• Business Angels – individuals who may be willing to introduce cash and/or useful expertise to your business for a share in the business.

It pays to check out all options. In many instances the funds your business needs will come from one or more of these sources.