Start-up boss finds public sector best for funding
Peter Glover, managing director of digital group CL5, reveals how to tap into public-sector investment schemes to fund new businesses, in the next edition of Design Week.
Glover launched the Liverpool-based consultancy in April but claims that he was turning business away as he did not have the capital to equip the company or to hire the personnel needed to service contracts.
Rejected by the banks, Glover sought a £50 000 high-growth business investment grant from North West Vision and Media.
Glover says, ‘I was awarded this grant because I demonstrated that I had a viable business plan, I was able to employ up to an additional seven people and my business was in a high-growth sector.’
Assigned a private-sector industry expert, Glover was offered the option to apply for a £50 000 investment grant or a £150 000 business loan.
One week after applying for the grant, Glover submitted a business plan and projected a three-year forecast. A ‘Dragons’ Den’ meeting followed, in which the CL5 business plan was scrutinised by a NWVM panel and investment was granted the same day.
‘From making the telephone call asking for help to the first £30 000 landing in our account took six weeks,’ Glover says.
For more details, see Design Week’s Business Insight section, in the issue tomorrow.
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