The best business advice, opinion, news and expertise in Greater Manchester and further afield.

Thursday, 13 May 2010

How to Triumph with Technology


By Dave Martin – Business Development Manager, Business Finance Solutions

“The North West has an enviable reputation as an area of technical innovation. This has developed over many years with cutting edge achievements, such as the world’s first swing aqueduct that carried the Bridgewater canal over the Manchester Ship Canal in 1893; Rutherford’s discovery of how to split the atom at Manchester University in 1919; the first computer with a stored memory, developed at Manchester University in 1948; the world renowned radio telescope constructed at Jodrell Bank in the 1950s.

The list could go on and on and thankfully so does the technical innovation within the region.

The challenge for businesses within this sector, once they have developed an innovative business idea, is to market the product and to develop the ‘idea’ into an economically viable product or process, generating sales, profit and employment within the region.

This is where Business Finance Solutions (BFS) may be able to help. BFS is a not- for-profit, Government-backed organisation that can help provide existing and start-up businesses with loans of between £3,000 and £50,000.

We have recently obtained access to further funding aimed specifically at the technology sector. New ‘products’ must be ready for market, as we do not lend for research and development purposes. In addition to this, applicants must be able to demonstrate that they have tried to obtain funding from traditional sources, such as a bank, but have been rejected. Finally, they must have a viable business plan for us to fully consider their application.

So far BFS has provided loans in excess of £4,800,000 and has recently passed the 1,400 mark for jobs created and protected in the region.

What we intend to do with this scheme, is make it easier for people to start or develop their enterprises. In time, this will result in job creation, which in turn will have a direct effect on the North West’s economy.

Anyone interested in finding out more about BFS and the services and products we offer, should contact us on 0161 245 4977 or e-mail info@business-finance-solutions.org.uk

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