Fundraising support for small firms

SMALL businesses in need of a financial boost across East Anglia are to be shown how they can raise more cash during the recession. The East of England Development Agency (EEDA) is running an Understanding Finance for Business programme to teach companies about the various methods of raising finance.

SMALL businesses in need of a financial boost across East Anglia are to be shown how they can raise more cash during the recession.

The East of England Development Agency (EEDA) is running an Understanding Finance for Business programme to teach companies about the various methods of raising finance.

Experts will work with businesses to identify which form of finance is most appropriate and how they can improve their prospects of securing cash.

The scheme will also involve one-to-one mentoring sessions and the chance to try out presentations before a panel of experts.

EEDA chair, Richard Ellis, said: “It remains a tough time for businesses and raising finance is harder, taking longer than ever and can often be perceived as a complicated process.

“EEDA's new programme is about demystifying the subject, cutting through the jargon and really helping businesses to understand the finance options available to them, and more importantly, how to secure them.”

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EEDA is to work with business support service St John's Innovation Centre, which offers experts in bank finance and equity groups.

Mr Ellis said: “Every business will be different. Some, for example, may need presentation training to perfect a pitch to an investor. Others may need mentoring to fully prime their business plan for the bank, or simply a push towards a form of finance that they have not considered before.

“The important factor is that once they have gone through the programme, every business should know exactly what they need and will be in a stronger position to get it.”