Entrepreneur cash boost

An organisation which provides loan funding to entrepreneurs and growing businesses in the East Midlands has £2 million available, its biggest ever loan pot.

Full report: funding available for East Midlands' entrepreneurs

An organisation from Nottingham is offering to help entrepreneurs struggling to get credit.

First Enterprise Business Agency - which loans out public funds to companies - has more money to invest in the East Midlands than it has ever had before.

It is widely accepted that one of the biggest obstacles to Britain's economic recovery has been the reluctance of banks to lend to businesses.

Peter Bearne reports.

Businessman tells how he got started without the bank's help

A Government funded organisation which helps new businesses get off the ground is looking to loan out two million pounds to aspiring entrepreneurs in the East Midlands.

Nick Parsons offers flotation therapy sessions in West Bridgford in Nottinghamshire. He set up the venture with a loan from the First Enterprise Business Agency after the banks refused to back him. He says without their help he would never have got started.

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Five tips on how to launch your own business

  • Choosing the right product is key
  • Pricing, once you have the right product, price is important. It will either make or break your business.
  • Know the competition, you need to know who your competitors are and once you do, you need to keep a close eye on them and what they do.
  • Location, location, location, where you are based is important. Do you really need an office or can you turn a room in your house into your workplace. If you are a retailer are you based in the right location? Find the footfall.
  • Cash is king! You need to plan your finances and make sure you have enough money to fund your business until it makes enough to find you. There are different ways to fund your business, government funded loans from places such as First Enterprise are becoming a choice for many.