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Fareham College secures funding for Solent business centre

A COLLEGE business centre to serve the Solent is one step closer to becoming reality.

Fareham College is working in partnership with nine other colleges in the region.

It has been successful in obtaining the funding required from the Department for Education’s Strategic Development Fund for the design and development.

The centre will be based at Fareham College’s Bishopsfield Road campus, and will bring colleges and employers together.

Principal and chief executive Andrew Kaye said, “Working in collaboration with the other colleges to deliver this new College Business Centre is an integral element to improving access for businesses to further education and skills training across the Solent region.

“Research demonstrates that there is a huge need for effective engagement between training providers and employers, and greater support for businesses to develop their own tailored learning and development programmes, in order to deliver the skills solutions that SMEs require to be successful.

“The new College Business Centre will be intrinsic in supporting businesses with growing and developing future talent in the Solent region.”

The colleges involved in this project include: Fareham College, Isle of Wight College, HSDC, Eastleigh College, Brockenhurst College, Southampton City College, City of Portsmouth College, Itchen College, Barton Peveril College and the Lighthouse Learning Trust.

The aim is to create the Solent region’s first business centre, to improve employers’ access to the region’s future skills training.

Ross McNally, CEO of Hampshire Chamber of Commerce, said: “The business community will gain great benefit from this valuable initiative.

“Hampshire Chamber recognises the skills gaps and uncertainty being experienced across many sectors, and this strong partnership of colleges, the Chamber and businesses at the heart of this new exciting project will support local SMEs throughout the Solent region.”

Newly appointed business centre director, Beverley Poole, is an award-winning business person.

She joins Fareham College bringing with her a wealth of experience in business leadership, creation and growth, education and most recently developing business skills clinics and an online digital learning technology platform.

She said: “It is an absolute pleasure to bring my rounded experience to the new Business Centre and our colleges. There is much to do in developing this state-of-the-art environment, due for completion in March 2022.

Small business funding options simply explained

In order to grow, your company is likely to face the need for additional capital, which can be obtained in one of three main ways: equity, debt, or grant. This blog aims to simply explain these options to enable you, as a small business owner in UK or Ireland, to make better decisions about your company’s financial future. Equity Finance for SMEs

Equity financing involves the sale of your company’s shares and giving a portion of the ownership of the company to investors in exchange for funds. The proportion of your company that will be sold depends on how much has been invested in the company, and what that investment is worth at the time of the financing.

In the very early stages of business, the most likely route to equity funding is through Angel investment and those investing through the government’s SEIS scheme, whereby the government provides generous tax relief to investors wishing to support new businesses. If your business is a little more established, generally over two years old and you can show some level of success, you may find interest in EIS investors, venture funds, family offices, and tier one investment. The team can talk you through the pros and cons of all these options, and more if you call the Chamber Finance Finder hotline on +44 20 3966 7585.

For more detailed information on equity finance see Swoop’s guide to equity finance. Debt Finance for SMEs

Debt finance is simply the term used for different ways of borrowing money or taking out loans. It is an arrangement between you and the lender to borrow a capital sum on the condition that it is paid back in full at a later date. Interest is accrued on the debt and paid independently of the capital repayment schedule.

Unlike equity, debt does not involve relinquishing any share in ownership or control of your business.

In the very early days, there are startup loans available, and you may consider leasing or hire purchase. Beyond this stage there are numerous financing options available – peer to peer, invoice finance, crowd funding, IP funding, asset finance, and merchant finance, to name a few - the most suitable for your business will depend on several factors. If you call our dedicated Chamber Finance Finder hotline on +44 20 3966 7585, the team can walk you through your options and ensure you are only put forward to the most appropriate providers.

Grants for SMEs

Small business grants, although not easy to win, remain one of the best sources of funding available to new, developing and established small businesses. The majority of business grants are funded by national, local or European government to: support key growth regions, stimulate technological advance through research and development, support our aging society, promote sustainability and clean growth, improve the future of mobility, and to make the economy (local and national level) more competitive in a specific sector. Overall, these grant schemes generally seek to empower small and medium businesses to grow the economy and, in the process, create jobs.