Sample 1 - Blog #support

Could a 10,000 grant help young people start their own business?

Mon, 17 Sep 2018 21:13:41 -0800

A British think tank believes that a £10,000 payment to people at the age of 25 could help young people expand their careers and start their own businesses.

The Resolution Foundation is committed to improving the quality of life for those in low to medium income families. The organization feels that amendments to the tax system, as well as a substantial payments being made to millennials, is needed to heal the intergenerational divide.

The independent think tank, which was established in 2005, has suggested that the new payment would be funded by a newly issued ‘lifetimes receipt tax’ that would replace the current inheritance tax.

While there is plenty of variation in terms of the costs associated with starting a business depending on size and industry, a 2016 survey by Geniac found that the average UK startup will spend £23,000 during its first year.

This figure suggests that a £10,000 cash boost would be significant to entrepreneurial youngsters keen to get their business idea up and running and in action.

The costs associated with launching a new business are high, which for many millennials is enough reason to give up the idea of going through with it.

This is something that needs be addressed, especially as the younger generation are brimming with ideas and value creativity and the ever-important role of technology much more than their older counterparts.

A 2016 BNP Paribas Global Report also found that millennials are more likely to set up their first business at a younger age than previous generations. Baby boomers tended to launch their first business venture at the age of 35, while millennials are starting their own businesses at just 27.

Starting a business younger means less time to save, so receiving a cash boost would certainly take some of the pressure off those just starting out.

GIC Capital offers UK businesses operating across a variety of sectors including retail and construction with fast and flexible expansion capital options.

For more information about GIC Capital visit our website at: www.giccapital.co.uk

We aim to deliver much needed capital to start-ups and SMEs

Call Now +44 (0) 203 2909019

Get a Free Quote

SME housebuilders don’t feel supported by legislators

Tue, 11 Sep 2018 00:27:14 -0800

As the housing market in the UK continues to be blighted by a serious shortage, small and medium-sized developers are complaining about a lack of support from the government and other legislators.

Builders and developers face a number of pressures and challenges at present that are making their jobs difficult. A survey conducted by CRL revealed that one such challenge included inadequate support from those that are responsible for setting regulatory and legal requirements.

Shocking figures revealed that 53% felt that the government was ‘unsupportive’ and ‘very unsupportive’, with just 2% feeling as though legislators are ‘very supportive’ of the industry. Sentiments that Government policy also unfairly favours larger homebuilders over smaller ones have continued to circulate.

The Government has set a target of building 300,000 houses each year to address the shortage. While this is necessary to improve the shortage and present millennials with the opportunity to get on the property ladder, legislators will need to consider how they can get behind small homebuilders and support their businesses and the work that they do.

There is a focus on producing homes quickly, with ministers suggesting that developers who fail to erect properties at a suitable speed should have their land confiscated. Measures like this may be necessary if homes are going to be built at the rate that they need to be, but the Government should consider how removing unnecessary red taping from the process could be beneficial.

While corners should never be cut when it comes to building properties that are safe and structurally sound, there may be merits to simplifying inspection and certification, both of which will speed up the housebuilding process for SMEs and other developers.

GIC Capital offers UK businesses operating across a variety of sectors including retail and construction with fast and flexible expansion capital options.

The businesses Portfolio Capital Service is ideally suited to landlords, investors and property traders and is provided by quality investors, enabling SMEs to unlock the potential of their property portfolio.

For more information about us visit our website.

We aim to deliver much needed capital to start-ups and SMEs

Call Now +44 (0) 203 2909019

Get a Free Quote

What kind of government support is available to businesses that are ready to export?

Thu, 31 May 2018 22:19:00 -0800

As the UK moves ahead with Brexit and inches closer to exiting the European Union, there will be an increased emphasis on how much business the country does abroad. This means a greater focus on exports to new trading partners, and an increased flow of goods to already established markets like American and China.

Luckily for businesses in the UK that export, the government is putting its best foot forward in nurturing and helping exporters grow and find success.

Access to Finance

Back in October 2017, the government came up with a plan to enable SMEs in the UK to access funding from banks to boost their export potential. Via the Bond Support Scheme and the Export Working Capital Scheme, the aim was to make it quicker and easier to obtain much needed finance. Backed by the UK Export Finance Initiative, these finance tools are now even easier to access and deliver funds at a much quicker pace.

Instead of weeks waiting for funding, UK exporters can now access finance in minutes. The government has worked with lenders to reduce paperwork – doing away with the government’s own UKEF forms – and harmonise bank applications for export with the government’s own regulations. Now exporters applying for finance interface with the bank only and they check the application against UKEF’s criteria. This means that banks can vet an application against UKEF guidelines and approve on the spot.

At the same time, the government has created a streamlined digital service through which all finance transactions flow. This means less paperwork and less time spent on the minutiae of finance deals.

Practical Support

The barrier for many businesses seeking to export is often red-tape. It can be a hard process working out what finance or schemes are applicable to the business at hand and many SMEs are often wary of sinking time into something that might not ultimately be relevant to them. The government has also noted this and responded accordingly.

‘Exporting is GREAT’ is the UK government’s effort to provide a comprehensive, one-stop-shop for exporters, from the new to the established. They have specific sections covering everything from guidance to assessing export readiness to finance options.

They also offer in-depth sections on business planning and marketing. The scheme and attendant site is a great portal for seeing the various forms of finance and support available for those businesses ready to export.

There has probably never been a better time to start exporting or, indeed, to expand existing operations. The government is fully behind exporters and the range of advice and finance out there is comprehensive.

Don’t forget, GIC Capital also provides business finance and can help you realise your growth ambitions. Contact us to find out more.

We aim to deliver much needed capital to start-ups and SMEs

Call Now +44 (0) 203 2909019

Get a Free Quote