Overcoming Barriers to Information (Business Finance)
A difficulty in accessing finance has been identified as one of the biggest barriers to business start up and a contributing factor in business failure. Often, a lack of information and understanding can be as problematic as a lack of money; and, in order to tackle this barrier, the Bedford Active Communities and Enterprises (ACE) Project is running a series of Financing Start Up and Growth Aspirational Companies workshops, designed to support individuals from hard to reach and disadvantaged communities who have set up businesses and to enable them to understand business finance.
Bringing together representatives from mainstream Banks (Business Managers), Investors and Business Finance advice, the Financing Start Up and Growth Aspirational Companies workshop provides delegates with an overview of the types of finance available at each stage of requirement. Through presenting this information from the perspectives of those who typically provide this finance, delegates receive an insider’s view on preparing for accessing finance, and develop their awareness of exactly what financiers are looking for and the different types of finance available to them.
It’s an insight that is particularly important for those in the pre and early stages of start up and those who may find accessing information difficult, as Sopit Todhunter, the community organiser from the most recent workshop and owner of ‘Smart Thai’, a support organisation and Thai products shop, explains – “language is normally a barrier to this group [the Thai community], but the language was clear and simple, so people have learnt things.”
Working within the community is an important feature of delivery, particularly in relation to groups who may be wary of accessing mainstream business support -“Thai families are normally scared to come and get advice - It is because they must face their incompetence of our English skill”– and, as Sopit continues, those with a higher tendency towards self employment and entrepreneurship - “Most Thai people won’t take social security benefits and they don’t want to be employed by other people if they can. In Thailand, if you do not work, you will starve because there are no social security benefits to support people.”
Indeed, entrepreneurial spirit was certainly not something that the audience was short of; and, after getting over any initial nerves and being encouraged to articulate their business concepts, the enthusiasm quickly spread. From Thai boxing to takeaways, wedding planning to block paving; delegates soon seized the opportunity to really explore their ideas and draw upon the expertise within the room.
Whilst a closing networking session, accompanied by a community provided Thai meal, enabled the delegates to benefit from the ideas and enthusiasm of their peers, the workshop is only the first step in the support that delegates will be receiving through the programme. In order to assist them in meeting the expectations laid out by both the banking representatives and the investor, delegates will be offered one to one support in getting their business or business proposition investment ready over the coming weeks.