Firms 'should vary their search' when looking for funding

Date: 09/06/2011

Firms looking to purchase new 0844 phone numbers and expand their enterprise may want to be a little more creative when it comes to generating funds.

Dr Stephen Bence, spokesman for database UK Funders, explained businesses usually turn to banks and grants from the government when they are in need of cash.

However, this may not be the best place in which to seek support.

"[Small to medium-sized enterprises] need to look at the private sector where UKFunders' research shows that substantial investment is available from business angels and venture capital funds," he stated.

Dr Bence also noted that many companies lose money when they fail to carry out thorough credit checks on their clients.

Revenue share numbers may be another way in which firms can generate funds, as the cost of every call they receive is paid to them.

They could also apply for money from the government Business Growth Fund, which offers cash to organisations in return for a minority stake.