Paul Scully MP Responds to Military in Business® Network

Paul Scully MP Q&A

Question 5) I am starting out as a sport promoter. I want to connect with UK brands that have or aspire to have a global presence. Which is there a government agency that can connect me to potential sponsors or partners?

For new businesses starting up or for existing businesses wishing to scale up, the main source of information for advice and guidance – including employee support, tools to identify the right finance, and checklists for setting up the business in line with regulations – is the GOV.UK website. Support is also available via the Business Support Helpline on FREEPHONE 0800 998 1098 and the British Business Bank’s online Finance Hub at www.british-business-bank.co.uk/finance-hub/.

Start-up businesses may also contact one of the 38 local Growth Hubs in England. These are a gateway for local information, guidance, and expertise for businesses across England, including on taxes, finance and funding schemes.

You may also wish to consider a Start Up Loan. The Government understands that accessing finance can be a barrier to small and medium businesses (SMEs) starting out. This is why we established the Start Up Loans programme through the British Business Bank in 2012. For those starting a new business or for businesses which have been trading for up to 24 months, the Start Up Loans Company provides government-backed business loans of between £500to £25,000 at a fixed interest rate of 6% per year with repayment terms of 1 to 5 years. As well as finance, every loan recipient is also offered a dedicated mentoring service and access to a free expert business mentor for 12 months to help them with every aspect of setting up a business.

You can find out more about the programme on the Start Up Loan Company’s website at: https://www.startuploans.co.uk/.

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