Supported Access to Finance Support
Do you have a business idea and don't know where to start? Tower Hamlets is offering its residents support through structured training and a grant of £2500 to start their first business.
What is the Supported Access to Finance Startup Project?
The Supported Access to Finance Startup Project is exclusively available for full-time residents of Tower Hamlets in London from 09 September 2024 to 31 March 2025.
This business support is designed to help you take the first steps in launching your business through training, networking and grant funding.
Tower Hamlets Council has partnered with Allia Impact to deliver expert-led workshops, coaching and various entrepreneurial support to aspiring residents in making their ideas into an actual business.
So if you have are interested to be part of Tower Hamlets’ thriving business community and want to learn more about entrepreneurship, then this Startup Project is for you.
Who is eligible?
- Must reside in Tower Hamlets full time
- There is no fixed time period that someone needs to have been a resident in the borough; however they do need to reside in the borough on a full time basis (For example: Students that live in halls during term-time only are not eligible).
- Evidence required (any of the following): Utility bill (water, gas or electricity), Local authority tax bill, UK full or provisional driving license, Bank statements, Pay slip for a UK based job, Local authority council tax bill for the current council tax year, or Tenancy agreement.
2. Have a legitimate business idea with a view to starting their own business (registering on companies house) immediately following this training and upon receiving the grant funds.
3. You are a first-time entrepreneur. You should not have any other businesses registered on companies house or be registered self employed with HMRC.
4. Not be excluded from support owing to state aid (subsidy control) provisions.
What is the offer?
London Borough of Tower Hamlets is offering business support that is accessible to first time entrepreneurs, those who do not have any experience in setting up and running a business. Our mission is to help Tower Hamlets residents discover and nurture their entrepreneurial talents.
To promote, encourage and support the creation of businesses in Tower Hamlets, this Project will provide structured business support to residents providing the information, tools and skills they need to start and run a successful business. This programme will include a grant of £2500 for those who complete the programme, enabling the newly ‘Qualified Entrepreneurs’ to start a business.
We’re actively looking for residents with legitimate business ideas to support them in various ways. Here’s how the Supported Access to Finance Startup Project by Tower Hamlets can further assist:
- Training: You will gain knowledge about legal structures for businesses, business models, sales and marketing, finance, alternative ways of funding your business, etc.
- Networking: Opportunity to meet other entrepreneurs through events and coffee meetings
- Coaching: If you need extra support, you will have access to a coach while you are in the programme.
For more information, download the Access to Finance Startup Brief.
Important stuff
- This programme runs from 09 September 2024 to 31 March 2025.
- The support is only for Tower Hamlets residents who have NO any other businesses registered on Companies House or be registered self-employed with HMRC.
- Project starts on 09 September 2024. Full schedule can be found on the Brief.
- If you have further questions related to Access to Finance Startup or need support in your application, please email ventures@allia.org.uk.
Upcoming events
Startup 101: Crafting Your Business Plan (Register here)
- 2024: 09 September, 26 September, 15 October, 05 November, 03 December
- 2025: 07 January, 28 January, 04 February, 20 February, 04 March
Creating a Winning Sales Funnel
- 2024: 24 September, 24 October, 21 November, 10 December
- 2025: 21 January, 18 February, 13 March
For the full project schedule, please refer to the Brief.
Alternative Fundings for Startups
- 2024: 17 September, 10 October, 26 November
- 2025: 30 January, 27 February
Leveraging Social Media and Brand
- 2024: 08 October, 26 November, 17 December
- 2025: 14 January, 11 February, 11 March
Networking: Breakfast BizBuzz (Register here)
- 2024: 19 September, 29 October, 28 November, 12 December
- 2025: 23 January, 13 February, 18 March
FAQ's
What will I learn in the programme?
You will learn about various business topics such as different legal structures in business, business models, create a business plan, funding proposal/finance, sales and marketing, alternative ways to fund your business, etc. You will also have the chance to meet other aspiring entrepreneurs and learn more from experts. You will have access to coaching to help you with your progress.
Is there a fee to join the programme?
This programme is sponsored by London Boroughs Tower Hamlets – no equity fee or charges.
What is the minimum commitment required?
You are required to attend the 6 hours of business support (combination of workshops, events and coaching sessions)from Allia Impact. Please check out the Brief for the programme’s full schedule.
You have to submit the following requirements to apply for £2500 funding:
- Declaration of Attendance and Feedback
- Business Plan (including funding proposal)
- Signed Funding Agreement
- Copy of Companies House Registration or HMRC UTR Reference Letter
Still have questions?
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