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Government Funding for Energy Sector SMEs

Though there’s gloomy news about the UK going into double dip recession, there are still government initiatives aimed at small businesses to try and pull growth figures out of the gutter. As well as the National Loan Guarantee Scheme and similar local initiatives, there are new funds available for small businesses working in the UK energy sector. As well as alternative finance options such as invoice discounting, these government schemes are important in providing funding for SMEs looking for cash flow solutions.

Government Funding

Small businesses in the energy sector will be able to apply for up to £1million in government funding as part of the Energy Entrepreneurs fund. This £35million campaign is looking to encourage smaller enterprises and firms that are innovating in the field of low carbon and environmentally friendly energy for the future.

This includes those small businesses that are developing environmentally friendly products for buildings, such as advanced lighting and heating, ventilation technologies and similar advances. By offering funding to these companies, the government is not only looking to boost low carbon technologies in the UK but it will also help those firms who are struggling to find funding from traditional sources.

With climate change big news already, small businesses are looked at as pools of innovation which can drive the UK to be more energy efficient. SMEs are also key to economic growth and recovery, so this scheme is looking to tackle two birds with one stone.

Invoice Financing for Innovation

Invoice finance is a more general alternative finance option which can be used by any business that sells services or products to other businesses, and therefore could easily be applied to those companies who provides environmentally sound solutions for the construction industry.

Whereas government grants are sometimes hard to access, or have rigid stipulations that preclude some companies from applying, invoice finance can offer fast, secure and flexible funding, often available within 24 hours.

As well as government funding opportunities, it’s worth looking into invoice finance and factoring solutions when your business is looking to fund new innovation plans.

 

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