1. Visit Preston
  2. Preston Markets
Open site navigation menu

Business financial support

Stacks of coins increasing in size

In need of financial support? Find funding options for new and established businesses plus advice for getting through difficult times.

Whether you're looking for funding to help kick start a new business, need assistance to develop an existing business or experiencing financial difficulties, the following information offers advice on grants, loans and other forms of funding depending on your situation.

Access to Finance Service

Access to Finance - If you're looking to find and secure finance to help you unlock your potential and achieve growth, the Access to Finance team at Boost Business Lancashire is here to help businesses in Preston and Lancashire. The Access to Finance team has a wealth of banking knowledge and experience across debt, equity and alternative funding options.

Boost Business Lancashire Investment Academy

The Investment Academy, delivered by Boost's Access to Finance service, is aimed at ambitious Lancashire business leaders who are interested in taking on equity investment and want to understand more about funding pathways, key considerations, what pitfalls to avoid and securing the right investment for them. 

What support will you receive?

  • Nine modules of in-depth workshops and masterclass sessions delivered through four face-to-face sessions
  • Work with public and private sector experts on key aspects of gaining investment
  • Tailored guidance to understand your own finances from Boost Access to Finance team of former bank managers and finance expert

To express an interest in the programme contact Investment Academy Expression of Interest (boostbusinesslancashire.co.uk)

Business start-up funding

The following financial support can help new and early stage businesses looking for start-up assistance:

Start Up Loans 

Start Up Loans is a government backed loans scheme offering low-interest personal loans up to £25k to new and early stage businesses who are unable to raise finance from mainstream lenders. The amount you can borrow will be based on your business plan.

For more information visit Start Up Loans - applying for a start up loan

Northern Powerhouse Investment Fund II : Smaller Loans

Whether you are an entrepreneur wishing to start your own business, or an early stage or more established small business looking to grow, Smaller Loans can be used to fill the funding gap for growth and development projects. Range from £25,000 to £100,000. For more information visit Smaller Loans | British Business Bank (british-business-bank.co.uk)

Business development funding 

The following financial support can provide assistance with growing and developing your business:

Boost Business Lancashire 

Boost Business Lancashire is Lancashire's Business Growth Hub offering a range of advice, special programmes and support, including funding and finance options, to all Preston and Lancashire businesses looking to grow, scale and start.

Apprenticeship Grant

Apprenticeships at the Lancashire Skills and Employment Hub has details of the support available for taking on an apprentice including the  Apprenticeship Grant. This is A £3,000 grant for SMEs in Lancashire who start an apprenticeship for those under the age of twenty-five.  Find out more Lancashire County Council - Apprenticeship Incentive.

Rosebud

Rosebud, enables Lancashire's most ambitious businesses to grow. 

Rosebud offers a range of financial and growth support services, including tailor-made finance packages for companies across Lancashire who are looking to grow and scale. Eligible businesses can borrow from £25k with interest rates up to 14%, for up to five years. More information and T&Cs are available at Rosebud

Funding Circle

Funding Circle offers creditworthy small businesses the chance to borrow £5000 to £500,000 directly from real people in the UK, sidestepping the banks. Lancashire County Council (LCC) has joined forces with Funding Circle and will also lend to eligible local businesses that take out a Funding Circle loan.

For details visit Lancashire County Council - peer to peer lending.

The Preston Business Improvement District Special Projects Fund

Preston city centre's Business Improvement District (BID) has launched a special projects fund.

The fund is open to groups of businesses, within the BID area, to assist with financial support towards business-led campaigns, events, and initiatives to enhance the city centre. 

Applications can be made for assistance towards such things as (examples only, not an exhaustive list):

a) Events and festivals and where it forms part of a promotional programme, which is likely to lead to increased and measurable economic benefit;

b) Alleviating crime or anti-social behaviour;

c) Increased  footfall  projects, where the applicant should demonstrate innovation and wider community/business involvement impact.

For full details and how to apply visit SPECIAL PROJECTS FUND - Preston BID (bidpreston.co.uk).

Helping Lancashire Community Hub

Boost Business Lancashire has launched a new Helping Lancashire Communities Hub for businesses and employees to support local communities in which they operate and live, across a wide range of issues including cost of living challenges.

The Hub is designed to help those leading and working in businesses in Lancashire to better understand the support already available when engaging with their local communities.

It includes information on how to access energy bills support, warm spaces, food banks as well as health and wellbeing initiatives through programmes such as Business Health Matters.  Please also see the Help In Preston website. 

Other Funding support

  • Crowdfund Lancashire  - organisations could get up to £15,000 to boost projects towards their funding target. Parish and Town Councils can take part too, with up to £5,000 available. Individuals with ideas and businesses who want to benefit their community could get £1,500 towards their live crowdfunding campaigns. 
  • GOV.UK - Innovate UK offers government backed funding to bid for throughout the year for researching and developing processes, products or services, testing innovation ideas and collaborating with other organisations. To search and apply for funding visit GOV.UK - apply for innovation funding.
  • Small Business UK website has a section on 150 UK small business grants.
  • Gigabit Broadband Voucher Scheme - Government scheme to help those experiencing slow broadband speeds in rural areas through vouchers. These are worth up to £4,500 for homes and businesses to help to cover the costs of installing gigabit broadband to people's doorsteps.
  • Northern Powerhouse Investment Fund II - offers a range of commercial finance options with smaller loans and debt finance from £25,000 to £2 million and equity investment up to £5 million. The fund covers the whole of the North, including rural, coastal and urban areas. Read more at: Guide to the Northern Powerhouse Fund II (NPIF 2) | Boost Lancashire (boostbusinesslancashire.co.uk)
  • Lancaster University Business funding provide specialist expertise and advice on accessing funding for collaborative projects to enable access the right research, knowledge, people and facilities to improve the competitiveness of your business
  • Seedrs is a crowdfunding organisation making it simple for investors to buy into businesses and allowing all types of businesses to raise capital
  • Made Smarter is a government backed initiative designed to improve productivity of North West SME manufacturers through the adoption of Industrial Design Technologies (IDT). The initiative offers match funded grants for investment in technology, skills, software or student placements
  • Arts Council England Funding Open -  Arts Council England invest in art and culture and are looking for organisations, artists, events, initiatives and others to apply for funding.
  • UnLtd - funds and supports social entrepreneurs and social enterprises through grants
  • Creative Industries Grant - support for companies who work in moving image for storytelling, spanning film television, games, animation and immersive industries. The Creative Enterprise Business Builder is a grant initiative designed to support companies who work in moving image for storytelling, spanning film television, games, animation and immersive industries. With grants of up to £2,500 you'll be able to work with a consultant to build meaningful connections and create opportunities for business growth.
  • Social Enterprise and Community Funding - provides flexible loans and grants to help enterprises start up, become sustainable and grow with investments from £5,000 up to £300,000 to community and social enterprises operating in the North of England.
  • It's also worth checking GOV.UK - finance and support your business North West for other current support options in the region.

  • Horizon Europe - Horizon Europe is an opportunity for all types of UK organisations (including businesses and academia) to get funding for research and innovation.

Helping businesses through difficult times

GOV.UK offer information around what your options are if you find yourself in financial difficulty, including options for paying off your debts, how to avoid insolvency and how to apply to become bankrupt. 

They also provide information on grants and government support and what to do if you cannot pay your tax bill on time.

Business Debtline also help any business which has cash flow or debt problems and provides free practical advice to help businesses successfully manage their way through financial difficulties.

Follow our business blog

Keep up to date with all the latest investment and business news, such as new support initiatives and grants, by regularly checking our business blog.