How can small businesses get funding for projects?

Commercial architecture is one of the areas we specialise in. Over the years, we have created many fabulous spaces, including award winning libraries. Whatever it is the client wants, we deliver it. In addition, we do so in good time. Our team will breathe life into your ideas, therefore ensuring we meet your needs.

Your business space was probably perfect initially. With time, though, there’s a good chance that you have outgrown it. You might need more space for stock or your team. Alternatively, you may want to relocate and expand into a new market. Regardless, a move can be expensive, especially if you need to make changes to the building. It is vital you think about finance early.

Getting finance can be a tough job, but small businesses have many options to choose from. Read on to find out about some of them.

Credit cards

Firstly, there are credit cards. Mini extensions costing less than £25,000 may only need you to pay via company credit cards. This way, you have instant access to funding. You can start getting everything off the ground relatively quickly.

Bank loans

Some businesses must fund large constructions like developing empty plots of land. Anyone in this scenario should consider a bank loan. Normally, you will have to pay a huge deposit. In addition, you may need to commit to a term of 15 years minimum. Your business’ current financial institution is an excellent place to begin.

Other sources

If you fail to obtain a bank loan, you could get one from the Department for Business, Energy & Industrial Strategy. Your chances shall improve if your changes will lower carbon emissions because this is something they push hard for. Thriving businesses in Essex, Hampshire, Surrey, Kent, and Sussex can also apply for a Business Growth Loan. This is if they have traded successfully for 12 months or more.

At Coffey Architects, we collaborate with countless passionate people. They assist us in completing commercial architecture projects. Our team of architects is constantly growing, adding new talent and also expanding our skills. This growth brings even greater potential for greatness.

If you would like to work with us, please get in touch.