Entrepreneur fund to help businesses scale up and grow
The government is providing a new fund to help small businesses grow and develop.
The Enterprise Capital Fund is backed by the British Business Bank and has a total investment capacity of £40m. Active Private Equity, which specialises in helping consumer-focused businesses grow their brands and build the infrastructure needed to scale up successfully, will run the fund.
Small Business Minister Margot James said: “Small businesses are at the heart of our economy and the whole country benefits when they grow and create jobs for people. The government-owned British Business Bank is helping more than 48,000 businesses with over £3.1 billion of support, much of it going to those with high-growth potential.”
Creating and developing a business can be an exciting but daunting task. It’s vital to carry out extensive research to make sure you progress in a sustainable way. You need to know your potential market but you also need to consider the legal structure of your business.
For example, you may start out as a sole trader but as you develop there might be advantages in creating a limited company or perhaps entering into a partnership.
The correct approach will depend on the type of business you operate. You may also need to consider employment contracts if you need to take on staff, and leasing arrangements if you need premises.
Good legal advice at the outset can prevent mistakes that could prove costly in the future.
Please contact Sarah Liddiard if you would like advice about the legal aspects of starting a new business.
This artice first appeared in the Hemel Gazette Business Eye in October 2016.