Pictured above: Johnathan Dudley
There remains a bewildering number of grant and loan agencies
across the West Midlands even as business bemoans the difficulty in
accessing funds, an SME expert has warned.
Johnathan Dudley, Midlands Managing Partner at national audit,
tax and advisory firm Crowe Clark Whitehill in the Midlands, urged
greater attempts to pull them all together, possibly with Local
Enterprise Partnerships taking a lead.
"Opportunities exist but does anyone know how to access them,"
he noted. "It must be hugely confusing for businesses.
"To progress it themselves they need to pursue many different
avenues and a forest of form-filling. Many simply do not have the
time.
"No wonder so many fall prey to dubious grants information
agencies that promise the earth, charge a hefty fee and often fail
to deliver satisfactorily."
Mr Dudley said a number of schemes were in abeyance or disarray
as a result of the demise of regional development agencies and
business links.
He went on: "Funding is available in a number of forms including
grants, loans, tax credits and private finance such as bank loans
and venture capital.
"Business Voice WM has estimated there are almost 500 funds
available in the West Midlands.
"We are talking of the likes of Advantage Business Angels, Aston
Reinvestment Trust, Birmingham City Council Business Loan Fund,
Black Country Reinvestment Society, Connect Midlands, Creative
Advantage Fund, Fair Finance Consortium, Prince's Trust, the Rural
Development Programme for England … the list goes on and
on.
"BVWM has made a decent fist of trying to list and explain the
nature of these different agencies, but it might also be an area
where Local Enterprise Partnerships, working together, can get
involved.
"It is ironic that all this exists yet businesses are crying out
for finance to expand.
"Something needs to be done."
Mr Dudley said reputable advisers could help.
"We at Crowe Clark Whitehill do our very best to guide
businesses through the maze.
"But the whole thing could be made a great deal easier if the
powers-that-be put their mind to a comprehensive approach to the
problem at the same time as concentrating on a simplified
structure.
"People need a one-stop shop outlining the different ways of
accessing money, explaining the schemes that exist, and listing the
agencies and what they offer.
"It would make life a great deal easier for everyone."
And that was particularly important given a growing trend for
joint lending between providers.
For more information about Crowe Clark Whitehill, please visit
their website here: www.croweclarkwhitehill.co.uk