Government and Private Funds Back Tech Start-Ups

17th January 2018

The government has collaborated with private investors to put money into technology start-ups. The drive is to keep Britain on the front line of technology and innovation. Considering the risks that are involved in starting your own business (see our previous blog on the subject) many start-up business owners will be relieved of the extra support. Start-ups and small businesses are the lifeblood of the economy and the Credit Protection Association rallies behind all our small business members. We hope this new scheme will encourage more to follow.

Under the new £7.3 million strategy, companies can apply for support of up to £150,000. 70 percent of this will be a non-repayable grant, with the remaining 30 percent coming from one of seven selected private investors.

The government will have no stake in the businesses, and the investors only minimal, giving control over to the firms.

About 40 projects have been earmarked for an initial funding round. These include companies working on transport, energy, antibiotics and stem cells.

This is another important strategy in getting Britain to the front of the tech race, and supporting these tech start-ups is vital if the UK is going to compete with rival economies. Starting a new business can be a daunting challenge so we do urge our members at CPA to come to seek financial advice. We offer credit checks and a range of credit management products, and we also have years of business experience only too eager to share. The Government grant will only go so far, so our dedicated staff will advise you on obtaining and maintaining credit, as well as dealing with late payers further down the line.

The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!

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