Caribbean
Food Emporium
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Caribbean
Food Emporium
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ACCESS TO FINANCE PROGRAMME 07/08 A recently published Department of Trade and Industry Report- Finance for Small and Medium-sized Enterprises: Comparison of Ethnic Minority and White Owned Businesses (2007) has acknowledged the fact that African Caribbean Businesses frequently face obstacles in accessing finances to start and develop their business activity. The Access to Finance Programme provides a valuable opportunity for new and existing businesses to access one-to-one professional businesses advice to help them raise necessary finances for their business operation and development. The programme is funded by both The London Development Agency and the European Regional Development Fund. African Caribbean Business Network (ACBN), was chosen to be an organisation which delivers the Access to Finance programe. ACBN - with the assistance of its partners who are key African and Caribbean business support organisations. The aim is to identify businesses across a wide range of industries and sectors that are at an appropriate stage to benefit from the programme. The partners are: ·
Salon Strategies (Black Hair and Beauty Industry) Caribbean Food Emporium is able to refer Food and Drink businesses to take part in the London Development Agency's Access to finance programme. In the first instance Caribbean Cuisine Consortium Members are being encouraged to take part in the programme.
We
aim to refer businesses forward and ensure success in acquiring funding.
This success can be achieved if you are able to at least meet the
criteria below. There are three points to note in particular: Certain business sectors are excluded form the programme. The three excluded sectors are: Tourism and Hospitality; Property Development and Wholesale - where no other activities are Eligibility The Access to Finance programme can be accessed by businesses trading in the London area with up to 249 employees. New
businesses are eligible to benefit from Access to Finance. So if you
are starting a business or have only been trading for a short period,
you may still be able to access the programme. Cost The London Development Agency will provide funding that will cover the cost of the majority of the service you will receive. You will be expected to make a contribution of 20-35% towards the cost. This will be either £600 or £1050. How much you pay will depend on how long you have been trading as a business. If approved to access the programme, you can make payments in installments. The Business Advisor allocated to support you will discuss this in more detail. Support Following confirmation of eligibility to access the programme, your business finance needs will be assessed by an experienced professional business advisor who will be allocated to support you. Your allocated Business Advisor will complete an Application for with you which will be submitted to the London Development Agency for approval Once your Application form has been approved, your Business Advisor advisor will provide advice and support you in developing a Business Plan for submission to lenders and funding agencies that will consider your application for funding. Time Over a period of approximately 12 weeks, you and your allocated business advisor will work together towards an agreed action plan. This action plan will outline typically 5 days of pre-finance advice and support which prepare you to present a Business Plan in an application to raise finances for your business needs. Amount You may raise a minimum of £10,000. There is no upper limit as to how much finance can be raised for your business. There is some flexibility if a lower amount is required. Next Step If you are in the food business and would like to apply for this programme, please contact Dawn Grant of Caribbean Food Emporium on 0870 286 1700, or email office@caribbeanfoodemporium.co.uk. ACBN website: www.acbn.biz
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