Take advantage of this new funding scheme
Earlier this week I was speaking with a prospective franchisee who was asking about funding her new business.
Does she use saved cash, or work for another 12 months to build a cash reserve to fund her franchise, or are there other alternatives?
I started to talk about the Government’s newest scheme to help boost the UK economy, as we fully emerge from lockdown, the Business Recovery Loan Scheme.
What surprised me, was the applicant knew nothing about this new scheme, which essentially replaced the other government-backed loan schemes from last year, and was only launched a few weeks ago on 6th April 2021.
So that got me thinking. Perhaps most business owners or prospective business owners are not aware either. You can find details of the scheme by clicking here.
Is it available to new Start-Ups?
Yes! The title of ‘business recovery loan’ suggests that it is designed to help existing businesses ‘recover’ from the effects of lost trade during lockdown, but actually, the title is designed to reflect the government’s focus on helping to ‘recover the whole UK economy', which is why the scheme is open to New Start-Up businesses too.
This is great news for prospective EweMove franchisees as our business is already approved by the British Franchise Association, Lloyds, NatWest, HSBC and others as a great business proposition to lend against.
And with the wind firmly in the sails of the property market, now is definitely the time to start in agency. So rather than miss the boat by waiting 12 months to save up, use a government-supported loan instead.
It comes without any need for a personal guarantee and interest rates are very low, at around 4%, without fees to set up or early repayment charges either, I truly think that now is the time to ‘leverage’ the support and cash available to grow an existing business (if you have one) or start a new one – with EweMove!