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Citation preview
Raising Finance to grow your business-Richard Wadman Director
RichardWadmanpkf-francisclarkcouk
October 2018
pkf-francisclarkcouk
Raising finance to grow your business
Coverage
bull PKF Francis Clark Intro (5 mins)
bull Types and sources of finance Investment
readiness (15 mins)bull Grants
bull Debt
bull Equity
bull Rewards
bull Business Support
Questions at the end during presentation
Slides ndash Slide share
54 Partners700 staff8 offices
PKF International network with a global presence (150 countries)
pkf-francisclarkcouk
Raising Finance Introduction
Understand your
requirements
Understand funding
options and funders
requirements Focus of this presentation
Key to access = Match + Presentation of your application
5
Raising Finance Introductionbull Range of options
bull httpswwwgovukbusiness-finance-support-finder (153 ldquoschemes of type Finance Equity Grant or Loanrdquo)
bull ICAEW identified 362 lending institutions in the UK
bull Interest and awarenessbull ldquoCrowdfundingrdquo the most Googled business
funding term in 2017bull British Business Bank report (20218)
bull P2P business lending up 51bull Equity deals up Value (79) and number (12)
bull Bank Referral Scheme
bull Knowledge is key (Understand funding options and funders requirements)
bull Mainstream banksbull Debt alternativesbull Equity sourcesbull Grant fundingbull Tax reliefs
httpsmallbusinesscouksmes-unable-access-funding-2542893
Findings of research carried out by Liberis
Funding options
Equity Debt Grants
Crowdfunding
Preparation General
bull Industry amp current operations
bull Communicates ldquobusiness caserdquo
bull Future strategybull Professionalbull Tailoredbull Especially important for
start-ups
bull Realistic Supported
bull Add up Underpin business case
bull ldquoIntegratedrdquo (Balance sheet amp Cash flow)
Monthly cash headroom Sensitivities
bull Licencesbull Contractsbull Intellectual property -
ownershipbull Tax ndash CT VAT PAYENIbull Statutory + management
accounts amp other records
Business plan Projections ldquoHousekeepingrdquo
8
Grants
bull Eligibility ndash sector size locationhellipbull Impact project ndash ie usually not
for general expensesbull Ongoing compliance
Funder requirements
bull Competition - prioritiesbull Process ndash time prescriptive panelsbull Match fundingbull Cash flow ndash arrearsbull Adminbull Patience
Preparation
pkf-francisclarkcouk
Grantsbull Main sources of grants include
bull EUESIF funds (ERDF ESF amp EAFRD)bull Innovate UK (Technology Strategy Board)bull Regional Growth Fund (NLA with exception of
eRGF)bull was source of PWGF1amp2 CMCF SWGF North Devon plus
and other schemes geographic or sector specific
pkf-francisclarkcouk
Grants ndash EU ESIF (general)EUESIF - LEP specific eg
bull Cornwall euro5929 million (pound507 million) between 2014-2020bull Devon and Somerset 118 million euros (pound100 million)
Eligibilitybull Location Displacement Quality Jobs Sector exclusions
Schemesbull LEADER BIG2 Superfast Business Cornwall Rural Development
Programme for England (RDPE) Growth Programme and morebull Closedbull Next wave
ChallengeIndustrial StrategyChallenge Fund
Eg Robots for a safer world
ResponsiveSector amp Open
Programme
Innovation Loans amp Investment Accelerator
Knowledge Transfer Partnerships
Grants Innovate UK
Managed Programmes (eg ATI)
UK government
investing pound47 billion
in RampD over four
years
pkf-francisclarkcouk
Grants Business Support and Tax Credits(RampD)
bull Agri-tech Cornwall Marine I and Cornwall Space and Aerospace
bull Cornwall onlybull Initiatives aimed at supporting research
development and innovation (RDI)bull Sector specific technologies agricultural
marine space and aerospacebull Applicants can be from any sector but must
support growth in one of the specified sectors
bull RampD Tax Credits
pkf-francisclarkcouk
Grants Countryside Productivity Schemebull Scheme which provides funding for projects in England
which improve productivity in the farming and forestry sectors
bull More than 3500 grants worth pound235m awardedbull Grants for
bull Water resource management (closed)bull Improving forestry productivity (closed)bull Adding value to Agri-food (closed)bull Improving farm productivity
wwwwebsitecom
Debt
bull Cash flow
bull Security
bull Covenants ndash appropriate
bull Govt initiatives ndash eligibility
Funder requirements
bull Accounts and records
bull Projections
bull Credit rating
bull Shop around
Preparation
pkf-francisclarkcouk
Debt ldquoOver 360 lenders to choose fromrdquo
pkf-francisclarkcouk
SME borrowing at the end of Q3 2017 stood at pound1087bn of which structured term loans were pound835bn overdrafts were pound91bn and facilities available but undrawn were pound161bn
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
SME net bank borrowing
Debt Banks
pkf-francisclarkcouk
Approval rates Q3 2017bull Smaller businesses ndash Loans
79 overdrafts 75bull Medium businesses ndash Loans
86 overdrafts 96
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
Debt Banks
Applications Q2 2016bull Loan 30010 bull Odraft 41153
Banks Applications and approval rates
Bank referral scheme
pkf-francisclarkcouk
Debt Bank
Rates and Termsbull Quality of financial analysis ndash both historic
forecast and MI reporting ndash becoming increasingly important
bull Covenant headroom moving back towards a norm of 25
bull PGrsquos becoming more common in SME marketbull Impact of FRS102 accounting now flowing
through trading results ndash beware of disparity historical loan document definitions
bull Market flex clauses becoming more standard (bank passing on impact of market shocks)
pkf-francisclarkcouk
bull Phrase coined by Vince Cablebull Big 4 (HSBC LBG RBS Barclays) plus Santander and Handlesbankenbull Metro bank ndash first new banking licence for more than 100 years bull Other challengers ndash Virgin Paragon Aldermore Shawbrook
OneSavingsbull Interestingly () are Private Equity owned A number of flotations plannedbull Can they ldquochallengerdquo the Big 4 Time will tell
bull Flexiblebull Speed of responsebull Impact of a downturnbull Critical mass More consolidation
Debt ldquoChallenger Banksrdquo
pkf-francisclarkcouk
bull Loans to Early Stage Businesses (from yet to launch to trading for lt 24 months)
bull Loans between pound500 and pound25000 bull 1 to 5 year term interest rate of 6bull Average loan of pound6kbull Fully funded business advice putting together
business planbull National scheme with local administration eg SWIGbull Fully funded support from a business mentor for a
yearbull httpswigstartupscoukwhat-we-do
Debt Start Up Loans
pkf-francisclarkcouk
Santanderrsquos Breakthrough fund
bull pound200m for SMEs (turnover lt pound50m)bull Mezzanine Loanbull Interest only 5 over LIBOR paid quarterly
further 5 rolling upbull No set limits on sums borrowed but c pound500k
to pound5mbull Not for start-upsbull Track record of profitable and cash generative
growth (20 pa)
Debt ldquoBreakthrough Fundrdquo
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
Raising finance to grow your business
Coverage
bull PKF Francis Clark Intro (5 mins)
bull Types and sources of finance Investment
readiness (15 mins)bull Grants
bull Debt
bull Equity
bull Rewards
bull Business Support
Questions at the end during presentation
Slides ndash Slide share
54 Partners700 staff8 offices
PKF International network with a global presence (150 countries)
pkf-francisclarkcouk
Raising Finance Introduction
Understand your
requirements
Understand funding
options and funders
requirements Focus of this presentation
Key to access = Match + Presentation of your application
5
Raising Finance Introductionbull Range of options
bull httpswwwgovukbusiness-finance-support-finder (153 ldquoschemes of type Finance Equity Grant or Loanrdquo)
bull ICAEW identified 362 lending institutions in the UK
bull Interest and awarenessbull ldquoCrowdfundingrdquo the most Googled business
funding term in 2017bull British Business Bank report (20218)
bull P2P business lending up 51bull Equity deals up Value (79) and number (12)
bull Bank Referral Scheme
bull Knowledge is key (Understand funding options and funders requirements)
bull Mainstream banksbull Debt alternativesbull Equity sourcesbull Grant fundingbull Tax reliefs
httpsmallbusinesscouksmes-unable-access-funding-2542893
Findings of research carried out by Liberis
Funding options
Equity Debt Grants
Crowdfunding
Preparation General
bull Industry amp current operations
bull Communicates ldquobusiness caserdquo
bull Future strategybull Professionalbull Tailoredbull Especially important for
start-ups
bull Realistic Supported
bull Add up Underpin business case
bull ldquoIntegratedrdquo (Balance sheet amp Cash flow)
Monthly cash headroom Sensitivities
bull Licencesbull Contractsbull Intellectual property -
ownershipbull Tax ndash CT VAT PAYENIbull Statutory + management
accounts amp other records
Business plan Projections ldquoHousekeepingrdquo
8
Grants
bull Eligibility ndash sector size locationhellipbull Impact project ndash ie usually not
for general expensesbull Ongoing compliance
Funder requirements
bull Competition - prioritiesbull Process ndash time prescriptive panelsbull Match fundingbull Cash flow ndash arrearsbull Adminbull Patience
Preparation
pkf-francisclarkcouk
Grantsbull Main sources of grants include
bull EUESIF funds (ERDF ESF amp EAFRD)bull Innovate UK (Technology Strategy Board)bull Regional Growth Fund (NLA with exception of
eRGF)bull was source of PWGF1amp2 CMCF SWGF North Devon plus
and other schemes geographic or sector specific
pkf-francisclarkcouk
Grants ndash EU ESIF (general)EUESIF - LEP specific eg
bull Cornwall euro5929 million (pound507 million) between 2014-2020bull Devon and Somerset 118 million euros (pound100 million)
Eligibilitybull Location Displacement Quality Jobs Sector exclusions
Schemesbull LEADER BIG2 Superfast Business Cornwall Rural Development
Programme for England (RDPE) Growth Programme and morebull Closedbull Next wave
ChallengeIndustrial StrategyChallenge Fund
Eg Robots for a safer world
ResponsiveSector amp Open
Programme
Innovation Loans amp Investment Accelerator
Knowledge Transfer Partnerships
Grants Innovate UK
Managed Programmes (eg ATI)
UK government
investing pound47 billion
in RampD over four
years
pkf-francisclarkcouk
Grants Business Support and Tax Credits(RampD)
bull Agri-tech Cornwall Marine I and Cornwall Space and Aerospace
bull Cornwall onlybull Initiatives aimed at supporting research
development and innovation (RDI)bull Sector specific technologies agricultural
marine space and aerospacebull Applicants can be from any sector but must
support growth in one of the specified sectors
bull RampD Tax Credits
pkf-francisclarkcouk
Grants Countryside Productivity Schemebull Scheme which provides funding for projects in England
which improve productivity in the farming and forestry sectors
bull More than 3500 grants worth pound235m awardedbull Grants for
bull Water resource management (closed)bull Improving forestry productivity (closed)bull Adding value to Agri-food (closed)bull Improving farm productivity
wwwwebsitecom
Debt
bull Cash flow
bull Security
bull Covenants ndash appropriate
bull Govt initiatives ndash eligibility
Funder requirements
bull Accounts and records
bull Projections
bull Credit rating
bull Shop around
Preparation
pkf-francisclarkcouk
Debt ldquoOver 360 lenders to choose fromrdquo
pkf-francisclarkcouk
SME borrowing at the end of Q3 2017 stood at pound1087bn of which structured term loans were pound835bn overdrafts were pound91bn and facilities available but undrawn were pound161bn
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
SME net bank borrowing
Debt Banks
pkf-francisclarkcouk
Approval rates Q3 2017bull Smaller businesses ndash Loans
79 overdrafts 75bull Medium businesses ndash Loans
86 overdrafts 96
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
Debt Banks
Applications Q2 2016bull Loan 30010 bull Odraft 41153
Banks Applications and approval rates
Bank referral scheme
pkf-francisclarkcouk
Debt Bank
Rates and Termsbull Quality of financial analysis ndash both historic
forecast and MI reporting ndash becoming increasingly important
bull Covenant headroom moving back towards a norm of 25
bull PGrsquos becoming more common in SME marketbull Impact of FRS102 accounting now flowing
through trading results ndash beware of disparity historical loan document definitions
bull Market flex clauses becoming more standard (bank passing on impact of market shocks)
pkf-francisclarkcouk
bull Phrase coined by Vince Cablebull Big 4 (HSBC LBG RBS Barclays) plus Santander and Handlesbankenbull Metro bank ndash first new banking licence for more than 100 years bull Other challengers ndash Virgin Paragon Aldermore Shawbrook
OneSavingsbull Interestingly () are Private Equity owned A number of flotations plannedbull Can they ldquochallengerdquo the Big 4 Time will tell
bull Flexiblebull Speed of responsebull Impact of a downturnbull Critical mass More consolidation
Debt ldquoChallenger Banksrdquo
pkf-francisclarkcouk
bull Loans to Early Stage Businesses (from yet to launch to trading for lt 24 months)
bull Loans between pound500 and pound25000 bull 1 to 5 year term interest rate of 6bull Average loan of pound6kbull Fully funded business advice putting together
business planbull National scheme with local administration eg SWIGbull Fully funded support from a business mentor for a
yearbull httpswigstartupscoukwhat-we-do
Debt Start Up Loans
pkf-francisclarkcouk
Santanderrsquos Breakthrough fund
bull pound200m for SMEs (turnover lt pound50m)bull Mezzanine Loanbull Interest only 5 over LIBOR paid quarterly
further 5 rolling upbull No set limits on sums borrowed but c pound500k
to pound5mbull Not for start-upsbull Track record of profitable and cash generative
growth (20 pa)
Debt ldquoBreakthrough Fundrdquo
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
54 Partners700 staff8 offices
PKF International network with a global presence (150 countries)
pkf-francisclarkcouk
Raising Finance Introduction
Understand your
requirements
Understand funding
options and funders
requirements Focus of this presentation
Key to access = Match + Presentation of your application
5
Raising Finance Introductionbull Range of options
bull httpswwwgovukbusiness-finance-support-finder (153 ldquoschemes of type Finance Equity Grant or Loanrdquo)
bull ICAEW identified 362 lending institutions in the UK
bull Interest and awarenessbull ldquoCrowdfundingrdquo the most Googled business
funding term in 2017bull British Business Bank report (20218)
bull P2P business lending up 51bull Equity deals up Value (79) and number (12)
bull Bank Referral Scheme
bull Knowledge is key (Understand funding options and funders requirements)
bull Mainstream banksbull Debt alternativesbull Equity sourcesbull Grant fundingbull Tax reliefs
httpsmallbusinesscouksmes-unable-access-funding-2542893
Findings of research carried out by Liberis
Funding options
Equity Debt Grants
Crowdfunding
Preparation General
bull Industry amp current operations
bull Communicates ldquobusiness caserdquo
bull Future strategybull Professionalbull Tailoredbull Especially important for
start-ups
bull Realistic Supported
bull Add up Underpin business case
bull ldquoIntegratedrdquo (Balance sheet amp Cash flow)
Monthly cash headroom Sensitivities
bull Licencesbull Contractsbull Intellectual property -
ownershipbull Tax ndash CT VAT PAYENIbull Statutory + management
accounts amp other records
Business plan Projections ldquoHousekeepingrdquo
8
Grants
bull Eligibility ndash sector size locationhellipbull Impact project ndash ie usually not
for general expensesbull Ongoing compliance
Funder requirements
bull Competition - prioritiesbull Process ndash time prescriptive panelsbull Match fundingbull Cash flow ndash arrearsbull Adminbull Patience
Preparation
pkf-francisclarkcouk
Grantsbull Main sources of grants include
bull EUESIF funds (ERDF ESF amp EAFRD)bull Innovate UK (Technology Strategy Board)bull Regional Growth Fund (NLA with exception of
eRGF)bull was source of PWGF1amp2 CMCF SWGF North Devon plus
and other schemes geographic or sector specific
pkf-francisclarkcouk
Grants ndash EU ESIF (general)EUESIF - LEP specific eg
bull Cornwall euro5929 million (pound507 million) between 2014-2020bull Devon and Somerset 118 million euros (pound100 million)
Eligibilitybull Location Displacement Quality Jobs Sector exclusions
Schemesbull LEADER BIG2 Superfast Business Cornwall Rural Development
Programme for England (RDPE) Growth Programme and morebull Closedbull Next wave
ChallengeIndustrial StrategyChallenge Fund
Eg Robots for a safer world
ResponsiveSector amp Open
Programme
Innovation Loans amp Investment Accelerator
Knowledge Transfer Partnerships
Grants Innovate UK
Managed Programmes (eg ATI)
UK government
investing pound47 billion
in RampD over four
years
pkf-francisclarkcouk
Grants Business Support and Tax Credits(RampD)
bull Agri-tech Cornwall Marine I and Cornwall Space and Aerospace
bull Cornwall onlybull Initiatives aimed at supporting research
development and innovation (RDI)bull Sector specific technologies agricultural
marine space and aerospacebull Applicants can be from any sector but must
support growth in one of the specified sectors
bull RampD Tax Credits
pkf-francisclarkcouk
Grants Countryside Productivity Schemebull Scheme which provides funding for projects in England
which improve productivity in the farming and forestry sectors
bull More than 3500 grants worth pound235m awardedbull Grants for
bull Water resource management (closed)bull Improving forestry productivity (closed)bull Adding value to Agri-food (closed)bull Improving farm productivity
wwwwebsitecom
Debt
bull Cash flow
bull Security
bull Covenants ndash appropriate
bull Govt initiatives ndash eligibility
Funder requirements
bull Accounts and records
bull Projections
bull Credit rating
bull Shop around
Preparation
pkf-francisclarkcouk
Debt ldquoOver 360 lenders to choose fromrdquo
pkf-francisclarkcouk
SME borrowing at the end of Q3 2017 stood at pound1087bn of which structured term loans were pound835bn overdrafts were pound91bn and facilities available but undrawn were pound161bn
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
SME net bank borrowing
Debt Banks
pkf-francisclarkcouk
Approval rates Q3 2017bull Smaller businesses ndash Loans
79 overdrafts 75bull Medium businesses ndash Loans
86 overdrafts 96
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
Debt Banks
Applications Q2 2016bull Loan 30010 bull Odraft 41153
Banks Applications and approval rates
Bank referral scheme
pkf-francisclarkcouk
Debt Bank
Rates and Termsbull Quality of financial analysis ndash both historic
forecast and MI reporting ndash becoming increasingly important
bull Covenant headroom moving back towards a norm of 25
bull PGrsquos becoming more common in SME marketbull Impact of FRS102 accounting now flowing
through trading results ndash beware of disparity historical loan document definitions
bull Market flex clauses becoming more standard (bank passing on impact of market shocks)
pkf-francisclarkcouk
bull Phrase coined by Vince Cablebull Big 4 (HSBC LBG RBS Barclays) plus Santander and Handlesbankenbull Metro bank ndash first new banking licence for more than 100 years bull Other challengers ndash Virgin Paragon Aldermore Shawbrook
OneSavingsbull Interestingly () are Private Equity owned A number of flotations plannedbull Can they ldquochallengerdquo the Big 4 Time will tell
bull Flexiblebull Speed of responsebull Impact of a downturnbull Critical mass More consolidation
Debt ldquoChallenger Banksrdquo
pkf-francisclarkcouk
bull Loans to Early Stage Businesses (from yet to launch to trading for lt 24 months)
bull Loans between pound500 and pound25000 bull 1 to 5 year term interest rate of 6bull Average loan of pound6kbull Fully funded business advice putting together
business planbull National scheme with local administration eg SWIGbull Fully funded support from a business mentor for a
yearbull httpswigstartupscoukwhat-we-do
Debt Start Up Loans
pkf-francisclarkcouk
Santanderrsquos Breakthrough fund
bull pound200m for SMEs (turnover lt pound50m)bull Mezzanine Loanbull Interest only 5 over LIBOR paid quarterly
further 5 rolling upbull No set limits on sums borrowed but c pound500k
to pound5mbull Not for start-upsbull Track record of profitable and cash generative
growth (20 pa)
Debt ldquoBreakthrough Fundrdquo
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
Raising Finance Introduction
Understand your
requirements
Understand funding
options and funders
requirements Focus of this presentation
Key to access = Match + Presentation of your application
5
Raising Finance Introductionbull Range of options
bull httpswwwgovukbusiness-finance-support-finder (153 ldquoschemes of type Finance Equity Grant or Loanrdquo)
bull ICAEW identified 362 lending institutions in the UK
bull Interest and awarenessbull ldquoCrowdfundingrdquo the most Googled business
funding term in 2017bull British Business Bank report (20218)
bull P2P business lending up 51bull Equity deals up Value (79) and number (12)
bull Bank Referral Scheme
bull Knowledge is key (Understand funding options and funders requirements)
bull Mainstream banksbull Debt alternativesbull Equity sourcesbull Grant fundingbull Tax reliefs
httpsmallbusinesscouksmes-unable-access-funding-2542893
Findings of research carried out by Liberis
Funding options
Equity Debt Grants
Crowdfunding
Preparation General
bull Industry amp current operations
bull Communicates ldquobusiness caserdquo
bull Future strategybull Professionalbull Tailoredbull Especially important for
start-ups
bull Realistic Supported
bull Add up Underpin business case
bull ldquoIntegratedrdquo (Balance sheet amp Cash flow)
Monthly cash headroom Sensitivities
bull Licencesbull Contractsbull Intellectual property -
ownershipbull Tax ndash CT VAT PAYENIbull Statutory + management
accounts amp other records
Business plan Projections ldquoHousekeepingrdquo
8
Grants
bull Eligibility ndash sector size locationhellipbull Impact project ndash ie usually not
for general expensesbull Ongoing compliance
Funder requirements
bull Competition - prioritiesbull Process ndash time prescriptive panelsbull Match fundingbull Cash flow ndash arrearsbull Adminbull Patience
Preparation
pkf-francisclarkcouk
Grantsbull Main sources of grants include
bull EUESIF funds (ERDF ESF amp EAFRD)bull Innovate UK (Technology Strategy Board)bull Regional Growth Fund (NLA with exception of
eRGF)bull was source of PWGF1amp2 CMCF SWGF North Devon plus
and other schemes geographic or sector specific
pkf-francisclarkcouk
Grants ndash EU ESIF (general)EUESIF - LEP specific eg
bull Cornwall euro5929 million (pound507 million) between 2014-2020bull Devon and Somerset 118 million euros (pound100 million)
Eligibilitybull Location Displacement Quality Jobs Sector exclusions
Schemesbull LEADER BIG2 Superfast Business Cornwall Rural Development
Programme for England (RDPE) Growth Programme and morebull Closedbull Next wave
ChallengeIndustrial StrategyChallenge Fund
Eg Robots for a safer world
ResponsiveSector amp Open
Programme
Innovation Loans amp Investment Accelerator
Knowledge Transfer Partnerships
Grants Innovate UK
Managed Programmes (eg ATI)
UK government
investing pound47 billion
in RampD over four
years
pkf-francisclarkcouk
Grants Business Support and Tax Credits(RampD)
bull Agri-tech Cornwall Marine I and Cornwall Space and Aerospace
bull Cornwall onlybull Initiatives aimed at supporting research
development and innovation (RDI)bull Sector specific technologies agricultural
marine space and aerospacebull Applicants can be from any sector but must
support growth in one of the specified sectors
bull RampD Tax Credits
pkf-francisclarkcouk
Grants Countryside Productivity Schemebull Scheme which provides funding for projects in England
which improve productivity in the farming and forestry sectors
bull More than 3500 grants worth pound235m awardedbull Grants for
bull Water resource management (closed)bull Improving forestry productivity (closed)bull Adding value to Agri-food (closed)bull Improving farm productivity
wwwwebsitecom
Debt
bull Cash flow
bull Security
bull Covenants ndash appropriate
bull Govt initiatives ndash eligibility
Funder requirements
bull Accounts and records
bull Projections
bull Credit rating
bull Shop around
Preparation
pkf-francisclarkcouk
Debt ldquoOver 360 lenders to choose fromrdquo
pkf-francisclarkcouk
SME borrowing at the end of Q3 2017 stood at pound1087bn of which structured term loans were pound835bn overdrafts were pound91bn and facilities available but undrawn were pound161bn
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
SME net bank borrowing
Debt Banks
pkf-francisclarkcouk
Approval rates Q3 2017bull Smaller businesses ndash Loans
79 overdrafts 75bull Medium businesses ndash Loans
86 overdrafts 96
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
Debt Banks
Applications Q2 2016bull Loan 30010 bull Odraft 41153
Banks Applications and approval rates
Bank referral scheme
pkf-francisclarkcouk
Debt Bank
Rates and Termsbull Quality of financial analysis ndash both historic
forecast and MI reporting ndash becoming increasingly important
bull Covenant headroom moving back towards a norm of 25
bull PGrsquos becoming more common in SME marketbull Impact of FRS102 accounting now flowing
through trading results ndash beware of disparity historical loan document definitions
bull Market flex clauses becoming more standard (bank passing on impact of market shocks)
pkf-francisclarkcouk
bull Phrase coined by Vince Cablebull Big 4 (HSBC LBG RBS Barclays) plus Santander and Handlesbankenbull Metro bank ndash first new banking licence for more than 100 years bull Other challengers ndash Virgin Paragon Aldermore Shawbrook
OneSavingsbull Interestingly () are Private Equity owned A number of flotations plannedbull Can they ldquochallengerdquo the Big 4 Time will tell
bull Flexiblebull Speed of responsebull Impact of a downturnbull Critical mass More consolidation
Debt ldquoChallenger Banksrdquo
pkf-francisclarkcouk
bull Loans to Early Stage Businesses (from yet to launch to trading for lt 24 months)
bull Loans between pound500 and pound25000 bull 1 to 5 year term interest rate of 6bull Average loan of pound6kbull Fully funded business advice putting together
business planbull National scheme with local administration eg SWIGbull Fully funded support from a business mentor for a
yearbull httpswigstartupscoukwhat-we-do
Debt Start Up Loans
pkf-francisclarkcouk
Santanderrsquos Breakthrough fund
bull pound200m for SMEs (turnover lt pound50m)bull Mezzanine Loanbull Interest only 5 over LIBOR paid quarterly
further 5 rolling upbull No set limits on sums borrowed but c pound500k
to pound5mbull Not for start-upsbull Track record of profitable and cash generative
growth (20 pa)
Debt ldquoBreakthrough Fundrdquo
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
5
Raising Finance Introductionbull Range of options
bull httpswwwgovukbusiness-finance-support-finder (153 ldquoschemes of type Finance Equity Grant or Loanrdquo)
bull ICAEW identified 362 lending institutions in the UK
bull Interest and awarenessbull ldquoCrowdfundingrdquo the most Googled business
funding term in 2017bull British Business Bank report (20218)
bull P2P business lending up 51bull Equity deals up Value (79) and number (12)
bull Bank Referral Scheme
bull Knowledge is key (Understand funding options and funders requirements)
bull Mainstream banksbull Debt alternativesbull Equity sourcesbull Grant fundingbull Tax reliefs
httpsmallbusinesscouksmes-unable-access-funding-2542893
Findings of research carried out by Liberis
Funding options
Equity Debt Grants
Crowdfunding
Preparation General
bull Industry amp current operations
bull Communicates ldquobusiness caserdquo
bull Future strategybull Professionalbull Tailoredbull Especially important for
start-ups
bull Realistic Supported
bull Add up Underpin business case
bull ldquoIntegratedrdquo (Balance sheet amp Cash flow)
Monthly cash headroom Sensitivities
bull Licencesbull Contractsbull Intellectual property -
ownershipbull Tax ndash CT VAT PAYENIbull Statutory + management
accounts amp other records
Business plan Projections ldquoHousekeepingrdquo
8
Grants
bull Eligibility ndash sector size locationhellipbull Impact project ndash ie usually not
for general expensesbull Ongoing compliance
Funder requirements
bull Competition - prioritiesbull Process ndash time prescriptive panelsbull Match fundingbull Cash flow ndash arrearsbull Adminbull Patience
Preparation
pkf-francisclarkcouk
Grantsbull Main sources of grants include
bull EUESIF funds (ERDF ESF amp EAFRD)bull Innovate UK (Technology Strategy Board)bull Regional Growth Fund (NLA with exception of
eRGF)bull was source of PWGF1amp2 CMCF SWGF North Devon plus
and other schemes geographic or sector specific
pkf-francisclarkcouk
Grants ndash EU ESIF (general)EUESIF - LEP specific eg
bull Cornwall euro5929 million (pound507 million) between 2014-2020bull Devon and Somerset 118 million euros (pound100 million)
Eligibilitybull Location Displacement Quality Jobs Sector exclusions
Schemesbull LEADER BIG2 Superfast Business Cornwall Rural Development
Programme for England (RDPE) Growth Programme and morebull Closedbull Next wave
ChallengeIndustrial StrategyChallenge Fund
Eg Robots for a safer world
ResponsiveSector amp Open
Programme
Innovation Loans amp Investment Accelerator
Knowledge Transfer Partnerships
Grants Innovate UK
Managed Programmes (eg ATI)
UK government
investing pound47 billion
in RampD over four
years
pkf-francisclarkcouk
Grants Business Support and Tax Credits(RampD)
bull Agri-tech Cornwall Marine I and Cornwall Space and Aerospace
bull Cornwall onlybull Initiatives aimed at supporting research
development and innovation (RDI)bull Sector specific technologies agricultural
marine space and aerospacebull Applicants can be from any sector but must
support growth in one of the specified sectors
bull RampD Tax Credits
pkf-francisclarkcouk
Grants Countryside Productivity Schemebull Scheme which provides funding for projects in England
which improve productivity in the farming and forestry sectors
bull More than 3500 grants worth pound235m awardedbull Grants for
bull Water resource management (closed)bull Improving forestry productivity (closed)bull Adding value to Agri-food (closed)bull Improving farm productivity
wwwwebsitecom
Debt
bull Cash flow
bull Security
bull Covenants ndash appropriate
bull Govt initiatives ndash eligibility
Funder requirements
bull Accounts and records
bull Projections
bull Credit rating
bull Shop around
Preparation
pkf-francisclarkcouk
Debt ldquoOver 360 lenders to choose fromrdquo
pkf-francisclarkcouk
SME borrowing at the end of Q3 2017 stood at pound1087bn of which structured term loans were pound835bn overdrafts were pound91bn and facilities available but undrawn were pound161bn
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
SME net bank borrowing
Debt Banks
pkf-francisclarkcouk
Approval rates Q3 2017bull Smaller businesses ndash Loans
79 overdrafts 75bull Medium businesses ndash Loans
86 overdrafts 96
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
Debt Banks
Applications Q2 2016bull Loan 30010 bull Odraft 41153
Banks Applications and approval rates
Bank referral scheme
pkf-francisclarkcouk
Debt Bank
Rates and Termsbull Quality of financial analysis ndash both historic
forecast and MI reporting ndash becoming increasingly important
bull Covenant headroom moving back towards a norm of 25
bull PGrsquos becoming more common in SME marketbull Impact of FRS102 accounting now flowing
through trading results ndash beware of disparity historical loan document definitions
bull Market flex clauses becoming more standard (bank passing on impact of market shocks)
pkf-francisclarkcouk
bull Phrase coined by Vince Cablebull Big 4 (HSBC LBG RBS Barclays) plus Santander and Handlesbankenbull Metro bank ndash first new banking licence for more than 100 years bull Other challengers ndash Virgin Paragon Aldermore Shawbrook
OneSavingsbull Interestingly () are Private Equity owned A number of flotations plannedbull Can they ldquochallengerdquo the Big 4 Time will tell
bull Flexiblebull Speed of responsebull Impact of a downturnbull Critical mass More consolidation
Debt ldquoChallenger Banksrdquo
pkf-francisclarkcouk
bull Loans to Early Stage Businesses (from yet to launch to trading for lt 24 months)
bull Loans between pound500 and pound25000 bull 1 to 5 year term interest rate of 6bull Average loan of pound6kbull Fully funded business advice putting together
business planbull National scheme with local administration eg SWIGbull Fully funded support from a business mentor for a
yearbull httpswigstartupscoukwhat-we-do
Debt Start Up Loans
pkf-francisclarkcouk
Santanderrsquos Breakthrough fund
bull pound200m for SMEs (turnover lt pound50m)bull Mezzanine Loanbull Interest only 5 over LIBOR paid quarterly
further 5 rolling upbull No set limits on sums borrowed but c pound500k
to pound5mbull Not for start-upsbull Track record of profitable and cash generative
growth (20 pa)
Debt ldquoBreakthrough Fundrdquo
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
Funding options
Equity Debt Grants
Crowdfunding
Preparation General
bull Industry amp current operations
bull Communicates ldquobusiness caserdquo
bull Future strategybull Professionalbull Tailoredbull Especially important for
start-ups
bull Realistic Supported
bull Add up Underpin business case
bull ldquoIntegratedrdquo (Balance sheet amp Cash flow)
Monthly cash headroom Sensitivities
bull Licencesbull Contractsbull Intellectual property -
ownershipbull Tax ndash CT VAT PAYENIbull Statutory + management
accounts amp other records
Business plan Projections ldquoHousekeepingrdquo
8
Grants
bull Eligibility ndash sector size locationhellipbull Impact project ndash ie usually not
for general expensesbull Ongoing compliance
Funder requirements
bull Competition - prioritiesbull Process ndash time prescriptive panelsbull Match fundingbull Cash flow ndash arrearsbull Adminbull Patience
Preparation
pkf-francisclarkcouk
Grantsbull Main sources of grants include
bull EUESIF funds (ERDF ESF amp EAFRD)bull Innovate UK (Technology Strategy Board)bull Regional Growth Fund (NLA with exception of
eRGF)bull was source of PWGF1amp2 CMCF SWGF North Devon plus
and other schemes geographic or sector specific
pkf-francisclarkcouk
Grants ndash EU ESIF (general)EUESIF - LEP specific eg
bull Cornwall euro5929 million (pound507 million) between 2014-2020bull Devon and Somerset 118 million euros (pound100 million)
Eligibilitybull Location Displacement Quality Jobs Sector exclusions
Schemesbull LEADER BIG2 Superfast Business Cornwall Rural Development
Programme for England (RDPE) Growth Programme and morebull Closedbull Next wave
ChallengeIndustrial StrategyChallenge Fund
Eg Robots for a safer world
ResponsiveSector amp Open
Programme
Innovation Loans amp Investment Accelerator
Knowledge Transfer Partnerships
Grants Innovate UK
Managed Programmes (eg ATI)
UK government
investing pound47 billion
in RampD over four
years
pkf-francisclarkcouk
Grants Business Support and Tax Credits(RampD)
bull Agri-tech Cornwall Marine I and Cornwall Space and Aerospace
bull Cornwall onlybull Initiatives aimed at supporting research
development and innovation (RDI)bull Sector specific technologies agricultural
marine space and aerospacebull Applicants can be from any sector but must
support growth in one of the specified sectors
bull RampD Tax Credits
pkf-francisclarkcouk
Grants Countryside Productivity Schemebull Scheme which provides funding for projects in England
which improve productivity in the farming and forestry sectors
bull More than 3500 grants worth pound235m awardedbull Grants for
bull Water resource management (closed)bull Improving forestry productivity (closed)bull Adding value to Agri-food (closed)bull Improving farm productivity
wwwwebsitecom
Debt
bull Cash flow
bull Security
bull Covenants ndash appropriate
bull Govt initiatives ndash eligibility
Funder requirements
bull Accounts and records
bull Projections
bull Credit rating
bull Shop around
Preparation
pkf-francisclarkcouk
Debt ldquoOver 360 lenders to choose fromrdquo
pkf-francisclarkcouk
SME borrowing at the end of Q3 2017 stood at pound1087bn of which structured term loans were pound835bn overdrafts were pound91bn and facilities available but undrawn were pound161bn
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
SME net bank borrowing
Debt Banks
pkf-francisclarkcouk
Approval rates Q3 2017bull Smaller businesses ndash Loans
79 overdrafts 75bull Medium businesses ndash Loans
86 overdrafts 96
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
Debt Banks
Applications Q2 2016bull Loan 30010 bull Odraft 41153
Banks Applications and approval rates
Bank referral scheme
pkf-francisclarkcouk
Debt Bank
Rates and Termsbull Quality of financial analysis ndash both historic
forecast and MI reporting ndash becoming increasingly important
bull Covenant headroom moving back towards a norm of 25
bull PGrsquos becoming more common in SME marketbull Impact of FRS102 accounting now flowing
through trading results ndash beware of disparity historical loan document definitions
bull Market flex clauses becoming more standard (bank passing on impact of market shocks)
pkf-francisclarkcouk
bull Phrase coined by Vince Cablebull Big 4 (HSBC LBG RBS Barclays) plus Santander and Handlesbankenbull Metro bank ndash first new banking licence for more than 100 years bull Other challengers ndash Virgin Paragon Aldermore Shawbrook
OneSavingsbull Interestingly () are Private Equity owned A number of flotations plannedbull Can they ldquochallengerdquo the Big 4 Time will tell
bull Flexiblebull Speed of responsebull Impact of a downturnbull Critical mass More consolidation
Debt ldquoChallenger Banksrdquo
pkf-francisclarkcouk
bull Loans to Early Stage Businesses (from yet to launch to trading for lt 24 months)
bull Loans between pound500 and pound25000 bull 1 to 5 year term interest rate of 6bull Average loan of pound6kbull Fully funded business advice putting together
business planbull National scheme with local administration eg SWIGbull Fully funded support from a business mentor for a
yearbull httpswigstartupscoukwhat-we-do
Debt Start Up Loans
pkf-francisclarkcouk
Santanderrsquos Breakthrough fund
bull pound200m for SMEs (turnover lt pound50m)bull Mezzanine Loanbull Interest only 5 over LIBOR paid quarterly
further 5 rolling upbull No set limits on sums borrowed but c pound500k
to pound5mbull Not for start-upsbull Track record of profitable and cash generative
growth (20 pa)
Debt ldquoBreakthrough Fundrdquo
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
Preparation General
bull Industry amp current operations
bull Communicates ldquobusiness caserdquo
bull Future strategybull Professionalbull Tailoredbull Especially important for
start-ups
bull Realistic Supported
bull Add up Underpin business case
bull ldquoIntegratedrdquo (Balance sheet amp Cash flow)
Monthly cash headroom Sensitivities
bull Licencesbull Contractsbull Intellectual property -
ownershipbull Tax ndash CT VAT PAYENIbull Statutory + management
accounts amp other records
Business plan Projections ldquoHousekeepingrdquo
8
Grants
bull Eligibility ndash sector size locationhellipbull Impact project ndash ie usually not
for general expensesbull Ongoing compliance
Funder requirements
bull Competition - prioritiesbull Process ndash time prescriptive panelsbull Match fundingbull Cash flow ndash arrearsbull Adminbull Patience
Preparation
pkf-francisclarkcouk
Grantsbull Main sources of grants include
bull EUESIF funds (ERDF ESF amp EAFRD)bull Innovate UK (Technology Strategy Board)bull Regional Growth Fund (NLA with exception of
eRGF)bull was source of PWGF1amp2 CMCF SWGF North Devon plus
and other schemes geographic or sector specific
pkf-francisclarkcouk
Grants ndash EU ESIF (general)EUESIF - LEP specific eg
bull Cornwall euro5929 million (pound507 million) between 2014-2020bull Devon and Somerset 118 million euros (pound100 million)
Eligibilitybull Location Displacement Quality Jobs Sector exclusions
Schemesbull LEADER BIG2 Superfast Business Cornwall Rural Development
Programme for England (RDPE) Growth Programme and morebull Closedbull Next wave
ChallengeIndustrial StrategyChallenge Fund
Eg Robots for a safer world
ResponsiveSector amp Open
Programme
Innovation Loans amp Investment Accelerator
Knowledge Transfer Partnerships
Grants Innovate UK
Managed Programmes (eg ATI)
UK government
investing pound47 billion
in RampD over four
years
pkf-francisclarkcouk
Grants Business Support and Tax Credits(RampD)
bull Agri-tech Cornwall Marine I and Cornwall Space and Aerospace
bull Cornwall onlybull Initiatives aimed at supporting research
development and innovation (RDI)bull Sector specific technologies agricultural
marine space and aerospacebull Applicants can be from any sector but must
support growth in one of the specified sectors
bull RampD Tax Credits
pkf-francisclarkcouk
Grants Countryside Productivity Schemebull Scheme which provides funding for projects in England
which improve productivity in the farming and forestry sectors
bull More than 3500 grants worth pound235m awardedbull Grants for
bull Water resource management (closed)bull Improving forestry productivity (closed)bull Adding value to Agri-food (closed)bull Improving farm productivity
wwwwebsitecom
Debt
bull Cash flow
bull Security
bull Covenants ndash appropriate
bull Govt initiatives ndash eligibility
Funder requirements
bull Accounts and records
bull Projections
bull Credit rating
bull Shop around
Preparation
pkf-francisclarkcouk
Debt ldquoOver 360 lenders to choose fromrdquo
pkf-francisclarkcouk
SME borrowing at the end of Q3 2017 stood at pound1087bn of which structured term loans were pound835bn overdrafts were pound91bn and facilities available but undrawn were pound161bn
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
SME net bank borrowing
Debt Banks
pkf-francisclarkcouk
Approval rates Q3 2017bull Smaller businesses ndash Loans
79 overdrafts 75bull Medium businesses ndash Loans
86 overdrafts 96
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
Debt Banks
Applications Q2 2016bull Loan 30010 bull Odraft 41153
Banks Applications and approval rates
Bank referral scheme
pkf-francisclarkcouk
Debt Bank
Rates and Termsbull Quality of financial analysis ndash both historic
forecast and MI reporting ndash becoming increasingly important
bull Covenant headroom moving back towards a norm of 25
bull PGrsquos becoming more common in SME marketbull Impact of FRS102 accounting now flowing
through trading results ndash beware of disparity historical loan document definitions
bull Market flex clauses becoming more standard (bank passing on impact of market shocks)
pkf-francisclarkcouk
bull Phrase coined by Vince Cablebull Big 4 (HSBC LBG RBS Barclays) plus Santander and Handlesbankenbull Metro bank ndash first new banking licence for more than 100 years bull Other challengers ndash Virgin Paragon Aldermore Shawbrook
OneSavingsbull Interestingly () are Private Equity owned A number of flotations plannedbull Can they ldquochallengerdquo the Big 4 Time will tell
bull Flexiblebull Speed of responsebull Impact of a downturnbull Critical mass More consolidation
Debt ldquoChallenger Banksrdquo
pkf-francisclarkcouk
bull Loans to Early Stage Businesses (from yet to launch to trading for lt 24 months)
bull Loans between pound500 and pound25000 bull 1 to 5 year term interest rate of 6bull Average loan of pound6kbull Fully funded business advice putting together
business planbull National scheme with local administration eg SWIGbull Fully funded support from a business mentor for a
yearbull httpswigstartupscoukwhat-we-do
Debt Start Up Loans
pkf-francisclarkcouk
Santanderrsquos Breakthrough fund
bull pound200m for SMEs (turnover lt pound50m)bull Mezzanine Loanbull Interest only 5 over LIBOR paid quarterly
further 5 rolling upbull No set limits on sums borrowed but c pound500k
to pound5mbull Not for start-upsbull Track record of profitable and cash generative
growth (20 pa)
Debt ldquoBreakthrough Fundrdquo
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
8
Grants
bull Eligibility ndash sector size locationhellipbull Impact project ndash ie usually not
for general expensesbull Ongoing compliance
Funder requirements
bull Competition - prioritiesbull Process ndash time prescriptive panelsbull Match fundingbull Cash flow ndash arrearsbull Adminbull Patience
Preparation
pkf-francisclarkcouk
Grantsbull Main sources of grants include
bull EUESIF funds (ERDF ESF amp EAFRD)bull Innovate UK (Technology Strategy Board)bull Regional Growth Fund (NLA with exception of
eRGF)bull was source of PWGF1amp2 CMCF SWGF North Devon plus
and other schemes geographic or sector specific
pkf-francisclarkcouk
Grants ndash EU ESIF (general)EUESIF - LEP specific eg
bull Cornwall euro5929 million (pound507 million) between 2014-2020bull Devon and Somerset 118 million euros (pound100 million)
Eligibilitybull Location Displacement Quality Jobs Sector exclusions
Schemesbull LEADER BIG2 Superfast Business Cornwall Rural Development
Programme for England (RDPE) Growth Programme and morebull Closedbull Next wave
ChallengeIndustrial StrategyChallenge Fund
Eg Robots for a safer world
ResponsiveSector amp Open
Programme
Innovation Loans amp Investment Accelerator
Knowledge Transfer Partnerships
Grants Innovate UK
Managed Programmes (eg ATI)
UK government
investing pound47 billion
in RampD over four
years
pkf-francisclarkcouk
Grants Business Support and Tax Credits(RampD)
bull Agri-tech Cornwall Marine I and Cornwall Space and Aerospace
bull Cornwall onlybull Initiatives aimed at supporting research
development and innovation (RDI)bull Sector specific technologies agricultural
marine space and aerospacebull Applicants can be from any sector but must
support growth in one of the specified sectors
bull RampD Tax Credits
pkf-francisclarkcouk
Grants Countryside Productivity Schemebull Scheme which provides funding for projects in England
which improve productivity in the farming and forestry sectors
bull More than 3500 grants worth pound235m awardedbull Grants for
bull Water resource management (closed)bull Improving forestry productivity (closed)bull Adding value to Agri-food (closed)bull Improving farm productivity
wwwwebsitecom
Debt
bull Cash flow
bull Security
bull Covenants ndash appropriate
bull Govt initiatives ndash eligibility
Funder requirements
bull Accounts and records
bull Projections
bull Credit rating
bull Shop around
Preparation
pkf-francisclarkcouk
Debt ldquoOver 360 lenders to choose fromrdquo
pkf-francisclarkcouk
SME borrowing at the end of Q3 2017 stood at pound1087bn of which structured term loans were pound835bn overdrafts were pound91bn and facilities available but undrawn were pound161bn
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
SME net bank borrowing
Debt Banks
pkf-francisclarkcouk
Approval rates Q3 2017bull Smaller businesses ndash Loans
79 overdrafts 75bull Medium businesses ndash Loans
86 overdrafts 96
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
Debt Banks
Applications Q2 2016bull Loan 30010 bull Odraft 41153
Banks Applications and approval rates
Bank referral scheme
pkf-francisclarkcouk
Debt Bank
Rates and Termsbull Quality of financial analysis ndash both historic
forecast and MI reporting ndash becoming increasingly important
bull Covenant headroom moving back towards a norm of 25
bull PGrsquos becoming more common in SME marketbull Impact of FRS102 accounting now flowing
through trading results ndash beware of disparity historical loan document definitions
bull Market flex clauses becoming more standard (bank passing on impact of market shocks)
pkf-francisclarkcouk
bull Phrase coined by Vince Cablebull Big 4 (HSBC LBG RBS Barclays) plus Santander and Handlesbankenbull Metro bank ndash first new banking licence for more than 100 years bull Other challengers ndash Virgin Paragon Aldermore Shawbrook
OneSavingsbull Interestingly () are Private Equity owned A number of flotations plannedbull Can they ldquochallengerdquo the Big 4 Time will tell
bull Flexiblebull Speed of responsebull Impact of a downturnbull Critical mass More consolidation
Debt ldquoChallenger Banksrdquo
pkf-francisclarkcouk
bull Loans to Early Stage Businesses (from yet to launch to trading for lt 24 months)
bull Loans between pound500 and pound25000 bull 1 to 5 year term interest rate of 6bull Average loan of pound6kbull Fully funded business advice putting together
business planbull National scheme with local administration eg SWIGbull Fully funded support from a business mentor for a
yearbull httpswigstartupscoukwhat-we-do
Debt Start Up Loans
pkf-francisclarkcouk
Santanderrsquos Breakthrough fund
bull pound200m for SMEs (turnover lt pound50m)bull Mezzanine Loanbull Interest only 5 over LIBOR paid quarterly
further 5 rolling upbull No set limits on sums borrowed but c pound500k
to pound5mbull Not for start-upsbull Track record of profitable and cash generative
growth (20 pa)
Debt ldquoBreakthrough Fundrdquo
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
Grantsbull Main sources of grants include
bull EUESIF funds (ERDF ESF amp EAFRD)bull Innovate UK (Technology Strategy Board)bull Regional Growth Fund (NLA with exception of
eRGF)bull was source of PWGF1amp2 CMCF SWGF North Devon plus
and other schemes geographic or sector specific
pkf-francisclarkcouk
Grants ndash EU ESIF (general)EUESIF - LEP specific eg
bull Cornwall euro5929 million (pound507 million) between 2014-2020bull Devon and Somerset 118 million euros (pound100 million)
Eligibilitybull Location Displacement Quality Jobs Sector exclusions
Schemesbull LEADER BIG2 Superfast Business Cornwall Rural Development
Programme for England (RDPE) Growth Programme and morebull Closedbull Next wave
ChallengeIndustrial StrategyChallenge Fund
Eg Robots for a safer world
ResponsiveSector amp Open
Programme
Innovation Loans amp Investment Accelerator
Knowledge Transfer Partnerships
Grants Innovate UK
Managed Programmes (eg ATI)
UK government
investing pound47 billion
in RampD over four
years
pkf-francisclarkcouk
Grants Business Support and Tax Credits(RampD)
bull Agri-tech Cornwall Marine I and Cornwall Space and Aerospace
bull Cornwall onlybull Initiatives aimed at supporting research
development and innovation (RDI)bull Sector specific technologies agricultural
marine space and aerospacebull Applicants can be from any sector but must
support growth in one of the specified sectors
bull RampD Tax Credits
pkf-francisclarkcouk
Grants Countryside Productivity Schemebull Scheme which provides funding for projects in England
which improve productivity in the farming and forestry sectors
bull More than 3500 grants worth pound235m awardedbull Grants for
bull Water resource management (closed)bull Improving forestry productivity (closed)bull Adding value to Agri-food (closed)bull Improving farm productivity
wwwwebsitecom
Debt
bull Cash flow
bull Security
bull Covenants ndash appropriate
bull Govt initiatives ndash eligibility
Funder requirements
bull Accounts and records
bull Projections
bull Credit rating
bull Shop around
Preparation
pkf-francisclarkcouk
Debt ldquoOver 360 lenders to choose fromrdquo
pkf-francisclarkcouk
SME borrowing at the end of Q3 2017 stood at pound1087bn of which structured term loans were pound835bn overdrafts were pound91bn and facilities available but undrawn were pound161bn
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
SME net bank borrowing
Debt Banks
pkf-francisclarkcouk
Approval rates Q3 2017bull Smaller businesses ndash Loans
79 overdrafts 75bull Medium businesses ndash Loans
86 overdrafts 96
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
Debt Banks
Applications Q2 2016bull Loan 30010 bull Odraft 41153
Banks Applications and approval rates
Bank referral scheme
pkf-francisclarkcouk
Debt Bank
Rates and Termsbull Quality of financial analysis ndash both historic
forecast and MI reporting ndash becoming increasingly important
bull Covenant headroom moving back towards a norm of 25
bull PGrsquos becoming more common in SME marketbull Impact of FRS102 accounting now flowing
through trading results ndash beware of disparity historical loan document definitions
bull Market flex clauses becoming more standard (bank passing on impact of market shocks)
pkf-francisclarkcouk
bull Phrase coined by Vince Cablebull Big 4 (HSBC LBG RBS Barclays) plus Santander and Handlesbankenbull Metro bank ndash first new banking licence for more than 100 years bull Other challengers ndash Virgin Paragon Aldermore Shawbrook
OneSavingsbull Interestingly () are Private Equity owned A number of flotations plannedbull Can they ldquochallengerdquo the Big 4 Time will tell
bull Flexiblebull Speed of responsebull Impact of a downturnbull Critical mass More consolidation
Debt ldquoChallenger Banksrdquo
pkf-francisclarkcouk
bull Loans to Early Stage Businesses (from yet to launch to trading for lt 24 months)
bull Loans between pound500 and pound25000 bull 1 to 5 year term interest rate of 6bull Average loan of pound6kbull Fully funded business advice putting together
business planbull National scheme with local administration eg SWIGbull Fully funded support from a business mentor for a
yearbull httpswigstartupscoukwhat-we-do
Debt Start Up Loans
pkf-francisclarkcouk
Santanderrsquos Breakthrough fund
bull pound200m for SMEs (turnover lt pound50m)bull Mezzanine Loanbull Interest only 5 over LIBOR paid quarterly
further 5 rolling upbull No set limits on sums borrowed but c pound500k
to pound5mbull Not for start-upsbull Track record of profitable and cash generative
growth (20 pa)
Debt ldquoBreakthrough Fundrdquo
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
Grants ndash EU ESIF (general)EUESIF - LEP specific eg
bull Cornwall euro5929 million (pound507 million) between 2014-2020bull Devon and Somerset 118 million euros (pound100 million)
Eligibilitybull Location Displacement Quality Jobs Sector exclusions
Schemesbull LEADER BIG2 Superfast Business Cornwall Rural Development
Programme for England (RDPE) Growth Programme and morebull Closedbull Next wave
ChallengeIndustrial StrategyChallenge Fund
Eg Robots for a safer world
ResponsiveSector amp Open
Programme
Innovation Loans amp Investment Accelerator
Knowledge Transfer Partnerships
Grants Innovate UK
Managed Programmes (eg ATI)
UK government
investing pound47 billion
in RampD over four
years
pkf-francisclarkcouk
Grants Business Support and Tax Credits(RampD)
bull Agri-tech Cornwall Marine I and Cornwall Space and Aerospace
bull Cornwall onlybull Initiatives aimed at supporting research
development and innovation (RDI)bull Sector specific technologies agricultural
marine space and aerospacebull Applicants can be from any sector but must
support growth in one of the specified sectors
bull RampD Tax Credits
pkf-francisclarkcouk
Grants Countryside Productivity Schemebull Scheme which provides funding for projects in England
which improve productivity in the farming and forestry sectors
bull More than 3500 grants worth pound235m awardedbull Grants for
bull Water resource management (closed)bull Improving forestry productivity (closed)bull Adding value to Agri-food (closed)bull Improving farm productivity
wwwwebsitecom
Debt
bull Cash flow
bull Security
bull Covenants ndash appropriate
bull Govt initiatives ndash eligibility
Funder requirements
bull Accounts and records
bull Projections
bull Credit rating
bull Shop around
Preparation
pkf-francisclarkcouk
Debt ldquoOver 360 lenders to choose fromrdquo
pkf-francisclarkcouk
SME borrowing at the end of Q3 2017 stood at pound1087bn of which structured term loans were pound835bn overdrafts were pound91bn and facilities available but undrawn were pound161bn
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
SME net bank borrowing
Debt Banks
pkf-francisclarkcouk
Approval rates Q3 2017bull Smaller businesses ndash Loans
79 overdrafts 75bull Medium businesses ndash Loans
86 overdrafts 96
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
Debt Banks
Applications Q2 2016bull Loan 30010 bull Odraft 41153
Banks Applications and approval rates
Bank referral scheme
pkf-francisclarkcouk
Debt Bank
Rates and Termsbull Quality of financial analysis ndash both historic
forecast and MI reporting ndash becoming increasingly important
bull Covenant headroom moving back towards a norm of 25
bull PGrsquos becoming more common in SME marketbull Impact of FRS102 accounting now flowing
through trading results ndash beware of disparity historical loan document definitions
bull Market flex clauses becoming more standard (bank passing on impact of market shocks)
pkf-francisclarkcouk
bull Phrase coined by Vince Cablebull Big 4 (HSBC LBG RBS Barclays) plus Santander and Handlesbankenbull Metro bank ndash first new banking licence for more than 100 years bull Other challengers ndash Virgin Paragon Aldermore Shawbrook
OneSavingsbull Interestingly () are Private Equity owned A number of flotations plannedbull Can they ldquochallengerdquo the Big 4 Time will tell
bull Flexiblebull Speed of responsebull Impact of a downturnbull Critical mass More consolidation
Debt ldquoChallenger Banksrdquo
pkf-francisclarkcouk
bull Loans to Early Stage Businesses (from yet to launch to trading for lt 24 months)
bull Loans between pound500 and pound25000 bull 1 to 5 year term interest rate of 6bull Average loan of pound6kbull Fully funded business advice putting together
business planbull National scheme with local administration eg SWIGbull Fully funded support from a business mentor for a
yearbull httpswigstartupscoukwhat-we-do
Debt Start Up Loans
pkf-francisclarkcouk
Santanderrsquos Breakthrough fund
bull pound200m for SMEs (turnover lt pound50m)bull Mezzanine Loanbull Interest only 5 over LIBOR paid quarterly
further 5 rolling upbull No set limits on sums borrowed but c pound500k
to pound5mbull Not for start-upsbull Track record of profitable and cash generative
growth (20 pa)
Debt ldquoBreakthrough Fundrdquo
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
ChallengeIndustrial StrategyChallenge Fund
Eg Robots for a safer world
ResponsiveSector amp Open
Programme
Innovation Loans amp Investment Accelerator
Knowledge Transfer Partnerships
Grants Innovate UK
Managed Programmes (eg ATI)
UK government
investing pound47 billion
in RampD over four
years
pkf-francisclarkcouk
Grants Business Support and Tax Credits(RampD)
bull Agri-tech Cornwall Marine I and Cornwall Space and Aerospace
bull Cornwall onlybull Initiatives aimed at supporting research
development and innovation (RDI)bull Sector specific technologies agricultural
marine space and aerospacebull Applicants can be from any sector but must
support growth in one of the specified sectors
bull RampD Tax Credits
pkf-francisclarkcouk
Grants Countryside Productivity Schemebull Scheme which provides funding for projects in England
which improve productivity in the farming and forestry sectors
bull More than 3500 grants worth pound235m awardedbull Grants for
bull Water resource management (closed)bull Improving forestry productivity (closed)bull Adding value to Agri-food (closed)bull Improving farm productivity
wwwwebsitecom
Debt
bull Cash flow
bull Security
bull Covenants ndash appropriate
bull Govt initiatives ndash eligibility
Funder requirements
bull Accounts and records
bull Projections
bull Credit rating
bull Shop around
Preparation
pkf-francisclarkcouk
Debt ldquoOver 360 lenders to choose fromrdquo
pkf-francisclarkcouk
SME borrowing at the end of Q3 2017 stood at pound1087bn of which structured term loans were pound835bn overdrafts were pound91bn and facilities available but undrawn were pound161bn
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
SME net bank borrowing
Debt Banks
pkf-francisclarkcouk
Approval rates Q3 2017bull Smaller businesses ndash Loans
79 overdrafts 75bull Medium businesses ndash Loans
86 overdrafts 96
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
Debt Banks
Applications Q2 2016bull Loan 30010 bull Odraft 41153
Banks Applications and approval rates
Bank referral scheme
pkf-francisclarkcouk
Debt Bank
Rates and Termsbull Quality of financial analysis ndash both historic
forecast and MI reporting ndash becoming increasingly important
bull Covenant headroom moving back towards a norm of 25
bull PGrsquos becoming more common in SME marketbull Impact of FRS102 accounting now flowing
through trading results ndash beware of disparity historical loan document definitions
bull Market flex clauses becoming more standard (bank passing on impact of market shocks)
pkf-francisclarkcouk
bull Phrase coined by Vince Cablebull Big 4 (HSBC LBG RBS Barclays) plus Santander and Handlesbankenbull Metro bank ndash first new banking licence for more than 100 years bull Other challengers ndash Virgin Paragon Aldermore Shawbrook
OneSavingsbull Interestingly () are Private Equity owned A number of flotations plannedbull Can they ldquochallengerdquo the Big 4 Time will tell
bull Flexiblebull Speed of responsebull Impact of a downturnbull Critical mass More consolidation
Debt ldquoChallenger Banksrdquo
pkf-francisclarkcouk
bull Loans to Early Stage Businesses (from yet to launch to trading for lt 24 months)
bull Loans between pound500 and pound25000 bull 1 to 5 year term interest rate of 6bull Average loan of pound6kbull Fully funded business advice putting together
business planbull National scheme with local administration eg SWIGbull Fully funded support from a business mentor for a
yearbull httpswigstartupscoukwhat-we-do
Debt Start Up Loans
pkf-francisclarkcouk
Santanderrsquos Breakthrough fund
bull pound200m for SMEs (turnover lt pound50m)bull Mezzanine Loanbull Interest only 5 over LIBOR paid quarterly
further 5 rolling upbull No set limits on sums borrowed but c pound500k
to pound5mbull Not for start-upsbull Track record of profitable and cash generative
growth (20 pa)
Debt ldquoBreakthrough Fundrdquo
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
Grants Business Support and Tax Credits(RampD)
bull Agri-tech Cornwall Marine I and Cornwall Space and Aerospace
bull Cornwall onlybull Initiatives aimed at supporting research
development and innovation (RDI)bull Sector specific technologies agricultural
marine space and aerospacebull Applicants can be from any sector but must
support growth in one of the specified sectors
bull RampD Tax Credits
pkf-francisclarkcouk
Grants Countryside Productivity Schemebull Scheme which provides funding for projects in England
which improve productivity in the farming and forestry sectors
bull More than 3500 grants worth pound235m awardedbull Grants for
bull Water resource management (closed)bull Improving forestry productivity (closed)bull Adding value to Agri-food (closed)bull Improving farm productivity
wwwwebsitecom
Debt
bull Cash flow
bull Security
bull Covenants ndash appropriate
bull Govt initiatives ndash eligibility
Funder requirements
bull Accounts and records
bull Projections
bull Credit rating
bull Shop around
Preparation
pkf-francisclarkcouk
Debt ldquoOver 360 lenders to choose fromrdquo
pkf-francisclarkcouk
SME borrowing at the end of Q3 2017 stood at pound1087bn of which structured term loans were pound835bn overdrafts were pound91bn and facilities available but undrawn were pound161bn
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
SME net bank borrowing
Debt Banks
pkf-francisclarkcouk
Approval rates Q3 2017bull Smaller businesses ndash Loans
79 overdrafts 75bull Medium businesses ndash Loans
86 overdrafts 96
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
Debt Banks
Applications Q2 2016bull Loan 30010 bull Odraft 41153
Banks Applications and approval rates
Bank referral scheme
pkf-francisclarkcouk
Debt Bank
Rates and Termsbull Quality of financial analysis ndash both historic
forecast and MI reporting ndash becoming increasingly important
bull Covenant headroom moving back towards a norm of 25
bull PGrsquos becoming more common in SME marketbull Impact of FRS102 accounting now flowing
through trading results ndash beware of disparity historical loan document definitions
bull Market flex clauses becoming more standard (bank passing on impact of market shocks)
pkf-francisclarkcouk
bull Phrase coined by Vince Cablebull Big 4 (HSBC LBG RBS Barclays) plus Santander and Handlesbankenbull Metro bank ndash first new banking licence for more than 100 years bull Other challengers ndash Virgin Paragon Aldermore Shawbrook
OneSavingsbull Interestingly () are Private Equity owned A number of flotations plannedbull Can they ldquochallengerdquo the Big 4 Time will tell
bull Flexiblebull Speed of responsebull Impact of a downturnbull Critical mass More consolidation
Debt ldquoChallenger Banksrdquo
pkf-francisclarkcouk
bull Loans to Early Stage Businesses (from yet to launch to trading for lt 24 months)
bull Loans between pound500 and pound25000 bull 1 to 5 year term interest rate of 6bull Average loan of pound6kbull Fully funded business advice putting together
business planbull National scheme with local administration eg SWIGbull Fully funded support from a business mentor for a
yearbull httpswigstartupscoukwhat-we-do
Debt Start Up Loans
pkf-francisclarkcouk
Santanderrsquos Breakthrough fund
bull pound200m for SMEs (turnover lt pound50m)bull Mezzanine Loanbull Interest only 5 over LIBOR paid quarterly
further 5 rolling upbull No set limits on sums borrowed but c pound500k
to pound5mbull Not for start-upsbull Track record of profitable and cash generative
growth (20 pa)
Debt ldquoBreakthrough Fundrdquo
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
Grants Countryside Productivity Schemebull Scheme which provides funding for projects in England
which improve productivity in the farming and forestry sectors
bull More than 3500 grants worth pound235m awardedbull Grants for
bull Water resource management (closed)bull Improving forestry productivity (closed)bull Adding value to Agri-food (closed)bull Improving farm productivity
wwwwebsitecom
Debt
bull Cash flow
bull Security
bull Covenants ndash appropriate
bull Govt initiatives ndash eligibility
Funder requirements
bull Accounts and records
bull Projections
bull Credit rating
bull Shop around
Preparation
pkf-francisclarkcouk
Debt ldquoOver 360 lenders to choose fromrdquo
pkf-francisclarkcouk
SME borrowing at the end of Q3 2017 stood at pound1087bn of which structured term loans were pound835bn overdrafts were pound91bn and facilities available but undrawn were pound161bn
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
SME net bank borrowing
Debt Banks
pkf-francisclarkcouk
Approval rates Q3 2017bull Smaller businesses ndash Loans
79 overdrafts 75bull Medium businesses ndash Loans
86 overdrafts 96
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
Debt Banks
Applications Q2 2016bull Loan 30010 bull Odraft 41153
Banks Applications and approval rates
Bank referral scheme
pkf-francisclarkcouk
Debt Bank
Rates and Termsbull Quality of financial analysis ndash both historic
forecast and MI reporting ndash becoming increasingly important
bull Covenant headroom moving back towards a norm of 25
bull PGrsquos becoming more common in SME marketbull Impact of FRS102 accounting now flowing
through trading results ndash beware of disparity historical loan document definitions
bull Market flex clauses becoming more standard (bank passing on impact of market shocks)
pkf-francisclarkcouk
bull Phrase coined by Vince Cablebull Big 4 (HSBC LBG RBS Barclays) plus Santander and Handlesbankenbull Metro bank ndash first new banking licence for more than 100 years bull Other challengers ndash Virgin Paragon Aldermore Shawbrook
OneSavingsbull Interestingly () are Private Equity owned A number of flotations plannedbull Can they ldquochallengerdquo the Big 4 Time will tell
bull Flexiblebull Speed of responsebull Impact of a downturnbull Critical mass More consolidation
Debt ldquoChallenger Banksrdquo
pkf-francisclarkcouk
bull Loans to Early Stage Businesses (from yet to launch to trading for lt 24 months)
bull Loans between pound500 and pound25000 bull 1 to 5 year term interest rate of 6bull Average loan of pound6kbull Fully funded business advice putting together
business planbull National scheme with local administration eg SWIGbull Fully funded support from a business mentor for a
yearbull httpswigstartupscoukwhat-we-do
Debt Start Up Loans
pkf-francisclarkcouk
Santanderrsquos Breakthrough fund
bull pound200m for SMEs (turnover lt pound50m)bull Mezzanine Loanbull Interest only 5 over LIBOR paid quarterly
further 5 rolling upbull No set limits on sums borrowed but c pound500k
to pound5mbull Not for start-upsbull Track record of profitable and cash generative
growth (20 pa)
Debt ldquoBreakthrough Fundrdquo
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
wwwwebsitecom
Debt
bull Cash flow
bull Security
bull Covenants ndash appropriate
bull Govt initiatives ndash eligibility
Funder requirements
bull Accounts and records
bull Projections
bull Credit rating
bull Shop around
Preparation
pkf-francisclarkcouk
Debt ldquoOver 360 lenders to choose fromrdquo
pkf-francisclarkcouk
SME borrowing at the end of Q3 2017 stood at pound1087bn of which structured term loans were pound835bn overdrafts were pound91bn and facilities available but undrawn were pound161bn
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
SME net bank borrowing
Debt Banks
pkf-francisclarkcouk
Approval rates Q3 2017bull Smaller businesses ndash Loans
79 overdrafts 75bull Medium businesses ndash Loans
86 overdrafts 96
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
Debt Banks
Applications Q2 2016bull Loan 30010 bull Odraft 41153
Banks Applications and approval rates
Bank referral scheme
pkf-francisclarkcouk
Debt Bank
Rates and Termsbull Quality of financial analysis ndash both historic
forecast and MI reporting ndash becoming increasingly important
bull Covenant headroom moving back towards a norm of 25
bull PGrsquos becoming more common in SME marketbull Impact of FRS102 accounting now flowing
through trading results ndash beware of disparity historical loan document definitions
bull Market flex clauses becoming more standard (bank passing on impact of market shocks)
pkf-francisclarkcouk
bull Phrase coined by Vince Cablebull Big 4 (HSBC LBG RBS Barclays) plus Santander and Handlesbankenbull Metro bank ndash first new banking licence for more than 100 years bull Other challengers ndash Virgin Paragon Aldermore Shawbrook
OneSavingsbull Interestingly () are Private Equity owned A number of flotations plannedbull Can they ldquochallengerdquo the Big 4 Time will tell
bull Flexiblebull Speed of responsebull Impact of a downturnbull Critical mass More consolidation
Debt ldquoChallenger Banksrdquo
pkf-francisclarkcouk
bull Loans to Early Stage Businesses (from yet to launch to trading for lt 24 months)
bull Loans between pound500 and pound25000 bull 1 to 5 year term interest rate of 6bull Average loan of pound6kbull Fully funded business advice putting together
business planbull National scheme with local administration eg SWIGbull Fully funded support from a business mentor for a
yearbull httpswigstartupscoukwhat-we-do
Debt Start Up Loans
pkf-francisclarkcouk
Santanderrsquos Breakthrough fund
bull pound200m for SMEs (turnover lt pound50m)bull Mezzanine Loanbull Interest only 5 over LIBOR paid quarterly
further 5 rolling upbull No set limits on sums borrowed but c pound500k
to pound5mbull Not for start-upsbull Track record of profitable and cash generative
growth (20 pa)
Debt ldquoBreakthrough Fundrdquo
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
Debt ldquoOver 360 lenders to choose fromrdquo
pkf-francisclarkcouk
SME borrowing at the end of Q3 2017 stood at pound1087bn of which structured term loans were pound835bn overdrafts were pound91bn and facilities available but undrawn were pound161bn
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
SME net bank borrowing
Debt Banks
pkf-francisclarkcouk
Approval rates Q3 2017bull Smaller businesses ndash Loans
79 overdrafts 75bull Medium businesses ndash Loans
86 overdrafts 96
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
Debt Banks
Applications Q2 2016bull Loan 30010 bull Odraft 41153
Banks Applications and approval rates
Bank referral scheme
pkf-francisclarkcouk
Debt Bank
Rates and Termsbull Quality of financial analysis ndash both historic
forecast and MI reporting ndash becoming increasingly important
bull Covenant headroom moving back towards a norm of 25
bull PGrsquos becoming more common in SME marketbull Impact of FRS102 accounting now flowing
through trading results ndash beware of disparity historical loan document definitions
bull Market flex clauses becoming more standard (bank passing on impact of market shocks)
pkf-francisclarkcouk
bull Phrase coined by Vince Cablebull Big 4 (HSBC LBG RBS Barclays) plus Santander and Handlesbankenbull Metro bank ndash first new banking licence for more than 100 years bull Other challengers ndash Virgin Paragon Aldermore Shawbrook
OneSavingsbull Interestingly () are Private Equity owned A number of flotations plannedbull Can they ldquochallengerdquo the Big 4 Time will tell
bull Flexiblebull Speed of responsebull Impact of a downturnbull Critical mass More consolidation
Debt ldquoChallenger Banksrdquo
pkf-francisclarkcouk
bull Loans to Early Stage Businesses (from yet to launch to trading for lt 24 months)
bull Loans between pound500 and pound25000 bull 1 to 5 year term interest rate of 6bull Average loan of pound6kbull Fully funded business advice putting together
business planbull National scheme with local administration eg SWIGbull Fully funded support from a business mentor for a
yearbull httpswigstartupscoukwhat-we-do
Debt Start Up Loans
pkf-francisclarkcouk
Santanderrsquos Breakthrough fund
bull pound200m for SMEs (turnover lt pound50m)bull Mezzanine Loanbull Interest only 5 over LIBOR paid quarterly
further 5 rolling upbull No set limits on sums borrowed but c pound500k
to pound5mbull Not for start-upsbull Track record of profitable and cash generative
growth (20 pa)
Debt ldquoBreakthrough Fundrdquo
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
SME borrowing at the end of Q3 2017 stood at pound1087bn of which structured term loans were pound835bn overdrafts were pound91bn and facilities available but undrawn were pound161bn
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
SME net bank borrowing
Debt Banks
pkf-francisclarkcouk
Approval rates Q3 2017bull Smaller businesses ndash Loans
79 overdrafts 75bull Medium businesses ndash Loans
86 overdrafts 96
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
Debt Banks
Applications Q2 2016bull Loan 30010 bull Odraft 41153
Banks Applications and approval rates
Bank referral scheme
pkf-francisclarkcouk
Debt Bank
Rates and Termsbull Quality of financial analysis ndash both historic
forecast and MI reporting ndash becoming increasingly important
bull Covenant headroom moving back towards a norm of 25
bull PGrsquos becoming more common in SME marketbull Impact of FRS102 accounting now flowing
through trading results ndash beware of disparity historical loan document definitions
bull Market flex clauses becoming more standard (bank passing on impact of market shocks)
pkf-francisclarkcouk
bull Phrase coined by Vince Cablebull Big 4 (HSBC LBG RBS Barclays) plus Santander and Handlesbankenbull Metro bank ndash first new banking licence for more than 100 years bull Other challengers ndash Virgin Paragon Aldermore Shawbrook
OneSavingsbull Interestingly () are Private Equity owned A number of flotations plannedbull Can they ldquochallengerdquo the Big 4 Time will tell
bull Flexiblebull Speed of responsebull Impact of a downturnbull Critical mass More consolidation
Debt ldquoChallenger Banksrdquo
pkf-francisclarkcouk
bull Loans to Early Stage Businesses (from yet to launch to trading for lt 24 months)
bull Loans between pound500 and pound25000 bull 1 to 5 year term interest rate of 6bull Average loan of pound6kbull Fully funded business advice putting together
business planbull National scheme with local administration eg SWIGbull Fully funded support from a business mentor for a
yearbull httpswigstartupscoukwhat-we-do
Debt Start Up Loans
pkf-francisclarkcouk
Santanderrsquos Breakthrough fund
bull pound200m for SMEs (turnover lt pound50m)bull Mezzanine Loanbull Interest only 5 over LIBOR paid quarterly
further 5 rolling upbull No set limits on sums borrowed but c pound500k
to pound5mbull Not for start-upsbull Track record of profitable and cash generative
growth (20 pa)
Debt ldquoBreakthrough Fundrdquo
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
Approval rates Q3 2017bull Smaller businesses ndash Loans
79 overdrafts 75bull Medium businesses ndash Loans
86 overdrafts 96
httpswwwukfinanceorgukwp-contentuploads201712SME-Release-Q3-2017-published-Dec-17pdf
Debt Banks
Applications Q2 2016bull Loan 30010 bull Odraft 41153
Banks Applications and approval rates
Bank referral scheme
pkf-francisclarkcouk
Debt Bank
Rates and Termsbull Quality of financial analysis ndash both historic
forecast and MI reporting ndash becoming increasingly important
bull Covenant headroom moving back towards a norm of 25
bull PGrsquos becoming more common in SME marketbull Impact of FRS102 accounting now flowing
through trading results ndash beware of disparity historical loan document definitions
bull Market flex clauses becoming more standard (bank passing on impact of market shocks)
pkf-francisclarkcouk
bull Phrase coined by Vince Cablebull Big 4 (HSBC LBG RBS Barclays) plus Santander and Handlesbankenbull Metro bank ndash first new banking licence for more than 100 years bull Other challengers ndash Virgin Paragon Aldermore Shawbrook
OneSavingsbull Interestingly () are Private Equity owned A number of flotations plannedbull Can they ldquochallengerdquo the Big 4 Time will tell
bull Flexiblebull Speed of responsebull Impact of a downturnbull Critical mass More consolidation
Debt ldquoChallenger Banksrdquo
pkf-francisclarkcouk
bull Loans to Early Stage Businesses (from yet to launch to trading for lt 24 months)
bull Loans between pound500 and pound25000 bull 1 to 5 year term interest rate of 6bull Average loan of pound6kbull Fully funded business advice putting together
business planbull National scheme with local administration eg SWIGbull Fully funded support from a business mentor for a
yearbull httpswigstartupscoukwhat-we-do
Debt Start Up Loans
pkf-francisclarkcouk
Santanderrsquos Breakthrough fund
bull pound200m for SMEs (turnover lt pound50m)bull Mezzanine Loanbull Interest only 5 over LIBOR paid quarterly
further 5 rolling upbull No set limits on sums borrowed but c pound500k
to pound5mbull Not for start-upsbull Track record of profitable and cash generative
growth (20 pa)
Debt ldquoBreakthrough Fundrdquo
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
Debt Bank
Rates and Termsbull Quality of financial analysis ndash both historic
forecast and MI reporting ndash becoming increasingly important
bull Covenant headroom moving back towards a norm of 25
bull PGrsquos becoming more common in SME marketbull Impact of FRS102 accounting now flowing
through trading results ndash beware of disparity historical loan document definitions
bull Market flex clauses becoming more standard (bank passing on impact of market shocks)
pkf-francisclarkcouk
bull Phrase coined by Vince Cablebull Big 4 (HSBC LBG RBS Barclays) plus Santander and Handlesbankenbull Metro bank ndash first new banking licence for more than 100 years bull Other challengers ndash Virgin Paragon Aldermore Shawbrook
OneSavingsbull Interestingly () are Private Equity owned A number of flotations plannedbull Can they ldquochallengerdquo the Big 4 Time will tell
bull Flexiblebull Speed of responsebull Impact of a downturnbull Critical mass More consolidation
Debt ldquoChallenger Banksrdquo
pkf-francisclarkcouk
bull Loans to Early Stage Businesses (from yet to launch to trading for lt 24 months)
bull Loans between pound500 and pound25000 bull 1 to 5 year term interest rate of 6bull Average loan of pound6kbull Fully funded business advice putting together
business planbull National scheme with local administration eg SWIGbull Fully funded support from a business mentor for a
yearbull httpswigstartupscoukwhat-we-do
Debt Start Up Loans
pkf-francisclarkcouk
Santanderrsquos Breakthrough fund
bull pound200m for SMEs (turnover lt pound50m)bull Mezzanine Loanbull Interest only 5 over LIBOR paid quarterly
further 5 rolling upbull No set limits on sums borrowed but c pound500k
to pound5mbull Not for start-upsbull Track record of profitable and cash generative
growth (20 pa)
Debt ldquoBreakthrough Fundrdquo
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
bull Phrase coined by Vince Cablebull Big 4 (HSBC LBG RBS Barclays) plus Santander and Handlesbankenbull Metro bank ndash first new banking licence for more than 100 years bull Other challengers ndash Virgin Paragon Aldermore Shawbrook
OneSavingsbull Interestingly () are Private Equity owned A number of flotations plannedbull Can they ldquochallengerdquo the Big 4 Time will tell
bull Flexiblebull Speed of responsebull Impact of a downturnbull Critical mass More consolidation
Debt ldquoChallenger Banksrdquo
pkf-francisclarkcouk
bull Loans to Early Stage Businesses (from yet to launch to trading for lt 24 months)
bull Loans between pound500 and pound25000 bull 1 to 5 year term interest rate of 6bull Average loan of pound6kbull Fully funded business advice putting together
business planbull National scheme with local administration eg SWIGbull Fully funded support from a business mentor for a
yearbull httpswigstartupscoukwhat-we-do
Debt Start Up Loans
pkf-francisclarkcouk
Santanderrsquos Breakthrough fund
bull pound200m for SMEs (turnover lt pound50m)bull Mezzanine Loanbull Interest only 5 over LIBOR paid quarterly
further 5 rolling upbull No set limits on sums borrowed but c pound500k
to pound5mbull Not for start-upsbull Track record of profitable and cash generative
growth (20 pa)
Debt ldquoBreakthrough Fundrdquo
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
bull Loans to Early Stage Businesses (from yet to launch to trading for lt 24 months)
bull Loans between pound500 and pound25000 bull 1 to 5 year term interest rate of 6bull Average loan of pound6kbull Fully funded business advice putting together
business planbull National scheme with local administration eg SWIGbull Fully funded support from a business mentor for a
yearbull httpswigstartupscoukwhat-we-do
Debt Start Up Loans
pkf-francisclarkcouk
Santanderrsquos Breakthrough fund
bull pound200m for SMEs (turnover lt pound50m)bull Mezzanine Loanbull Interest only 5 over LIBOR paid quarterly
further 5 rolling upbull No set limits on sums borrowed but c pound500k
to pound5mbull Not for start-upsbull Track record of profitable and cash generative
growth (20 pa)
Debt ldquoBreakthrough Fundrdquo
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
Santanderrsquos Breakthrough fund
bull pound200m for SMEs (turnover lt pound50m)bull Mezzanine Loanbull Interest only 5 over LIBOR paid quarterly
further 5 rolling upbull No set limits on sums borrowed but c pound500k
to pound5mbull Not for start-upsbull Track record of profitable and cash generative
growth (20 pa)
Debt ldquoBreakthrough Fundrdquo
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
bull Funding Circlebull Secured and unsecured offeringsbull Established businessesbull Unsecured pound10k to pound500k bull Profit PG and no CCJs
bull Folk 2 Folkbull Loans secured on property (pound263m loans funded)
bull Other including ldquoCompare the Marketrdquo type sites eg bull Capitalise (ldquochoose from over 100 providersrdquo) we are set up to
access the system
Debt Crowdfunding P2P
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
bull Funding Circlebull httpswwwfundingcirclecomukbull pound38bn loans so farbull The largest marketplace lender to businesses in UK bull Source httpssupportfundingcirclecomhcen-usarticles214640746-What-is-Funding-Circle-
bull Francis Clark set up as brokersbull 4 stage process
bull Pre-qualificationbull Information to underwritersbull Listing on sitebull ldquoCrowdrdquo lend (including UK government EIB financial
organisations and local councils)
Debt ndash crowdfunding P2P
ldquopound100k in 15 minuteshelliprdquo
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
bull pound317bn of new asset finance in 2017 an increase of 5 compared with 2016
bull In 2017 the industry financed 34 of UK investment in machinery equipment and purchased software
bull gt pound186bn went to help SMEs invest in equipment pound19bn more than the previous year
Source FLA Annual Review 2018
Debt ndash Asset Finance
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
Debt funding ndash Others
bull Energy Efficiency Financing Schemebull Siemens Financial Services and Carbon Trust bull Business trading gt 36 monthsbull Investment in energy efficient equipment (and renewable energy
generation)bull Loan eg Interest rate c 9 for a 7 year term loan repayable in
monthly instalmentsbull ReEnergise SmartEnergy Finance
bull Investment in renewable energy and energy efficient projectsbull pound5m fundbull SMEs ndash loans of pound25k to pound500k on commercial termsbull Target sectors incl manufacturing leisure and hospitality
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
bull Equity
bull Growth
bull Restricted matters
bull No market = ldquolocked inrdquo
Exit route
Funder requirements
bull Understand valuation
bull Expertise vs independence
bull Passive active
bull Potentially more subjective
Preparation
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
Equity ndash routes to
bull ldquoFriends Families and Foolsrdquo bull Include related businesses
bull Networks eg SWAIN Dorset Angelsbull Conduits eg MyVan GAINbull Virtual Networks eg Crowdcubebull Venture capitalists and Private Equity eg Piper Private
Equity Altitude Partners LLP Longwall Venture Partners LDC or Dunedin
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
bull Cornwall and Isles of Scilly Investment Fund (CIOSIF)
bull Collaboration between BBB and CIOSLEP
bull Up to pound37m to invest or lend to SMEs
bull Loans of pound100k - pound1m available
bull Equity funding of between pound50k - pound2m available
bull Material presence required in CIOS or plans to establish presence in 2 years
Equity ndash Government LEP interventions
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
bull Business Growth Fundbull pound16bn invested 74 outside London amp South East
bull Commercial Fund
bull Bank financed
bull Investments of bw pound2m and pound10m
bull Minority stakes
bull Relaxed on sectors ndash but no property or financial services
bull Tover gt pound5m (but will speak to clients earlier)
bull BGF Ventures BGF Growth and BGF Quoted
Equity ndash government interventions
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
bull Angel CoFund (RGF)bull Initial Equity Investmentsbull pound100k to pound1mbull Alongside syndicates of Business Angelsbull Upper limit of 49 of any investment roundbull No direct applications by SME
bull Enterprise Capital Fundsbull Rolling programme of investment by British Business
Bank into managed fundsbull Since inception more than pound12bn has been
committedbull Government committed to maintaining ECF with up to
pound1bn commitments over next 10 years
Equity ndash government interventions
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
bull Crowdcubebull pound505m+ invested 593k usersbull UKrsquos 1st equity crowdfunding platformbull httpswwwcrowdcubecombull 15 of companies that approach Crowdcube
get a listing (TBC)bull Information requirements include projections
video and pitchbull Success tips Investor QampA and pre-listing
investment SEIS EIS clearance and IP ownership
bull 3 to 4 months processbull Launch publicly when your pitch reaches 20
bull Direct to public eg Brewdog (total of over pound21m raised through Crowdcube and Equity for Punks)
Equity ndash the crowd
pound500k sought pound650k raised
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
bull Kickstarterbull Crowdfunder
bull Newquay HQ but web basedbull httpwwwcrowdfundercoukrewards-pagebull Over pound50m raised bull Not debt or equitybull Idea validationbull Build loyalty with new customersbull Projections (Not required by Crowdfunder buthellip)bull Video + Pitchbull Crowdfunder and Santander ldquoa revolutionary partnershiprdquo
Rewards - crowdfunding
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
bull Grantsbull Eligibility
bull Debtbull Ability to repaybull Security
bull Equitybull Valuebull Exit route
bull Rewardsbull Product or service
Investment ready
Understanding specific
requirements of fund funder
Dialogue Relationship
building
1 2 3
Tailoring your application but not to detriment
of your business case
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
bull Francis Clarkhellipbull Growth Hubs
bull LEP appointed ldquoone stop shopsrdquo for advice re available business support
bull Funding pages eg httpwwwdorsetgrowthhubcoukfinancing-businesssupport-schemesbull EU funded business support eg
bull Breakthrough Transform and A2F in CIOSbull Cornwall Agri-Tech etc
bull RGF funded eg Get Set for Growth (Devon)bull ldquoThe business finance guiderdquo (ICAEW and BBB)bull Exporting is GREAT
Business Support
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
bull Not a provider of funds directly to SMEs but a provider of funds to 80 finance partners including SWIG and Funding Circle
bull British Business Bank programmes includebull Angel Co Fundbull Enterprise Capital Fundsbull Enterprise Finance Guarantee Schemebull Start Up Loans
British Business Bank
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
36
Business Support
Access to Finance
bull Legal and Accounting ndash Min pound500 Max pound7500 grantbull This grant can fund 50 of costs that are incurred in the
process of accessing finance These charges from an Accountant or Solicitor could include
bull Funding for preparation of cashflows financial forecastsbull Funding for management accounts in preparation for a
finance applicationbull Due diligencebull Legal or statutory matters associated with equity funding
bull Crowdfunding ndash Min pound500 Max pound2500 grant (video)
bull Angel investment campaign - Min pound500 Max pound2500 grant (pitch fees)
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
pkf-francisclarkcouk
bull Keeping up to datehellip Francis Clark
bull Finance in Cornwall and Finance in South West factsheetbull 2 monthly e-news lettersbull httpwwwfrancisclarkcouknews-viewsblogbull Richard or Dave (grants) plus other Corporate Finance
colleagues (debt and equity)bull Finance in South West event ndash October 2019bull Finance in Dorset event ndash October 2019bull Finance in Cornwall ndash 4 June 2019
Business Support
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
(c) copyright PKF Francis Clark 2016
You shall not copy make available retransmit reproduce sell disseminate separate licence distribute store electronically publish broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licenceTo the maximum extent permitted by applicable law PKF Francis Clark excludes all representations warranties and conditions (including without limitation the conditions implied by law) in respect of these materials and or any services provided by PKF Francis Clark These materials and or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark The content of these materials and or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and or any services provided by PKF Francis Clark are correct we do not warrant the completeness or accuracy of the materials and or any services provided by PKF Francis Clark nor do we commit to ensuring that these materials and or any services provided by PKF Francis Clark are up-to-date or error or omission-free Where indicated these materials are subject to Crown copyright protection Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and WalesThese materials and or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time a copy of which is available on requestOur liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct indirect or consequential loss or damage arising in connection with these materials and or any services provided by PKF Francis Clark whether arising in tort contract or otherwise including without limitation any loss of profit contracts business goodwill data income or revenue Please note however that our liability for fraud for death or personal injury caused by our negligence or for any other liability is not excluded or limited
PKF Francis Clark is a trading name of Francis Clark LLP Francis Clark LLP is a limited liability partnership registered in England and Wales with registered number OC349116 The registered office is Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF where a list of members is available for inspection and at wwwpkf-francisclarkcouk The term lsquoPartnerrsquo is used to refer to a member of Francis Clark LLP or to an employee Registered to carry on audit work in the UK and Ireland regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or f irms
Disclaimer amp copyright
pkf-francisclarkcouk
