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Two years ago, wheelchair safety products firm Q’Straint was able to create 16 jobs and protect another 28 after securing a £900,000 interest-free loan.
The global company built a state-of-the-art research and development facility in Whitstable after receiving the cash from Kent County Council’s Expansion East Kent scheme.
Commercial manager and financial controller James Broadley said: “The loan received from KCC enabled us to make the investment quickly. Without the cash injection, it would have taken longer to get up and running.
“Our iQ Research Centre has now been successfully operating for two years, contributing to the development of several new products.”
This month, KCC launched a new interest-free loan scheme, dubbed the Kent and Medway Business Fund, using £5 million repaid from previous loan initiatives like Expansion East Kent.
For businesses looking to make 2017 their year of growth, the council is among a range of investment options, including banks, private equity and crowdfunding platforms.
“These sources will be available all year,” said James Bullock, a partner at Maidstone law firm Brachers, which is holding a funding options seminar in February.
“It’s an interesting world at the moment. There’s an air of confidence in business and in our economy generally.
“Most of our clients would have preferred to remain in the EU but are aware of the big changes that are going to come. It seems to be buoying them. We haven’t seen a downturn in confidence.”
“Private equity can be helpful when there is a gap between what the bank can fund and what the business owner wants to do..." - James Bullock, Brachers
When it comes to gaining funding, the bank is still the most popular route, according to Mr Bullock.
He said: “Private equity can be helpful when there is a gap between what the bank can fund and what the business owner wants to do.
“Obviously, that involves giving away a slice of equity – so, generally, if a deal can be done with the bank that’s what will happen. It depends on the aspirations of the business owner.”
Crowdfunding has become a popular source of funding for small businesses looking to attract large investments but success is not guaranteed.
Homemade cake delivery service Mums Bake Cakes failed in a bid to attract £120,000 of investment on popular platform Seedrs.
Founder Paula Wilkinson, from Maidstone, said: “With Brexit, possibly the investors are more nervous.
“I’m hoping they can get through that and look at investing in British businesses that want to help local economies.”
If traditional routes are not available, the advice to businesses is to find investors that understand them.
Anita Brightley-Hodges, managing director of consultancy Family Business Place, based in Detling, has been setting up a network of family-business investors.
She said: “Other family businesses match their values about hard work and quality. They are local employers and hold on to staff for a long time, who share their passion.
“A lot of them have a unique business where they had to learn their trade or a recipe is handed down through generations. However, they need to be making a profit and are often not scalable.
“They are often the real deal but need help getting their brand global.”