Chamber Review: Funding for Your Business
Over 50 attendees gathered at The Crown Hotel on Monday 10th February 2025 for Harrogate Chamber’s February meeting, focused on the crucial topic of “Funding for Your Business.”
The event proved to be a resounding success, providing a comprehensive overview of funding options, expert insights, and valuable networking opportunities for local businesses.
Chamber President Phill Holdsworth opened the meeting by emphasising the vital role of access to capital in business success, setting the stage for an engaging discussion.
Charity Introduction: Supporting Older People
Kate Rogata (Director) and Martin Taylor (Trustee) spoke in the meeting’s charity slot about Supporting Older People (SOP) SOP is a local charity dedicated to alleviating loneliness and isolation amongst older adults in the Harrogate area. Kate and Martin shared details about the charity’s valuable work and upcoming fundraising initiatives, including a Ladies’ Day event (12th March), a Golf Day (8th May), and a fundraising ball (21st June). They also highlighted opportunities for members to get involved through volunteering and sponsorships. Keep an eye on the Chamber’s news page and social media channels for more details about their forthcoming events.
Navigating the Funding Landscape
The core focus of the meeting was to demystify the often-complex world of business finance. A panel of expert speakers provided valuable insights into a range of funding avenues.
Ian Howard, organiser of the meeting and member of the Chamber’s Management Group introduced the topic and speakers.
Duane Walker (Business Enterprise Fund)
Duane highlighted the Business Enterprise Fund’s commitment to empowering businesses with loans up to £250,000, particularly those led by women, ethnic minorities, young innovators, and businesses in underserved communities. He emphasised BEF’s unique approach, which prioritises understanding the business’s story and its potential impact on the community, in addition to financial considerations. He also discussed the Northern Powerhouse Investment Fund II (NPIF II) Smaller Loans programme, offering loans between £25,000 and £100,000.
Andy Clough and Maurice Disasi (Mercia Asset Management)
Andy and Maurice provided a detailed overview of the debt and equity solutions available through NPIF II. Andy focused on the debt fund, explaining Mercia’s role as a gap funder that works alongside traditional banks to provide loans ranging from £100,000 to £2 million. Maurice discussed Mercia’s equity investments, which can reach up to £5 million, and emphasised their active involvement in supporting portfolio companies through initiatives like providing access to a network of experienced non-executive directors. Both speakers shared compelling success stories of local businesses that have thrived with NPIF II funding, demonstrating the tangible impact of these initiatives.
Chris Matthewman (CFP Group)
Chris from CFP Group expanded the funding conversation beyond traditional loans and equity by exploring alternative finance solutions. He provided insights into invoice finance, short-term loans, tax/VAT loans, stock finance, and trade finance, highlighting the flexibility and accessibility of these options for businesses with specific needs.
Michael Reynolds (York and North Yorkshire Growth Hub)
Michael offered a valuable perspective on local government support for businesses. He emphasised the York and North Yorkshire Growth Hub’s role in providing free and impartial advice, tailored to the unique needs of businesses in the York and North Yorkshire region. He also highlighted upcoming grant opportunities, including the Vibrant and Sustainable High Streets Fund, the Business Innovation Fund, and the Carbon Negative Challenge Fund, encouraging businesses to engage with the Growth Hub to explore these options further.
Ian Howard (Business Doctors)
Ian of Business Doctors shared his expertise on preparing businesses for investment, emphasising the importance of strategic planning and clear communication. He highlighted key factors that attract investors and lenders, such as a compelling vision, strong leadership, a focus on results, and a diverse and capable team. He stressed the importance of building a solid foundation and seeking expert advice to navigate the funding process successfully.
Interactive Q&A and Member Engagement
The presentations were followed by a dynamic Q&A session, allowing attendees to engage directly with the speakers and gain further clarity on specific funding challenges and opportunities. Key takeaways included:
The importance of balancing a compelling narrative with information in grant applications.
The need for early engagement with funders to build relationships and identify the right fit.
The potential for new and early-stage businesses to secure funding, even with limited track records, by demonstrating strong potential and realistic forecasts.
The competitive nature of equity funding and the importance of a strong vision and management team for start-ups.
The value of thorough preparation, transparency, and trust in the funding process.
Contact Details
Andy Clough
Investment Manager
Mercia Debt
m: 07540 014910
andy.clough@mercia.co.uk
www.mercia.co.uk
Duane Walker
Investment Manager
Business Enterprise Fund
m: 07842 421936
duane.walker@befund.org
www.befund.org
Chris Matthewman
Finance Broker
CFP Group
m: 07552 646477
chris@cfpgroup.co.uk
www.cfpgroup.co.uk
Michael Reynolds
Senior Business Advisor (Harrogate & Knaresborough)
Community Development |North Yorkshire Council
m: 07970 151094
Michael.Reynolds@northyorks.gov.uk
www.northyorks.gov.uk
https://yorknorthyorks-ca.gov.uk/project/mayoral-investment-fund/
Harrogate Town Plan Forum Update
Chamber Management Committee member, Tara Stagman updated members on the Harrogate Town Plan Forum, which is creating a neighbourhood plan to guide future development in the town centre. The forum includes diverse voices and focuses on key areas like retail, transport, and sustainability. They are actively working on a town plan, with a report expected later this year.
Tara encouraged members to join the forum and shape Harrogate's future. The next meeting is on 25th February at West Park United Reformed Church, focusing on the natural environment and led by Georgia Eglisee and Jamie Duncan.
New Member & Member News / Events
New member, James Naylor of Infosecurity People introduced his company as a managed IT service provider offering assured and secure IT solutions for businesses.
Jamie Nicholson-Ruther (Harrogate Neighbours) promoted a casino night fundraiser (25th April) to support the charity’s work with elderly people in the community.
Paul (Ake & Humphris) invited members to a wine and cheese evening (6th March) in collaboration with the Cheeseboard, offering an opportunity to sample English cheeses and contemporary wines.
Hope (CLK Marketing) announced a Filipino food night (25th April), offering a chance to experience Filipino cuisine and network with other businesses.
Natalie (Harrogate Theatre) shared details of Harrogate Theatre’s 125th birthday fundraising campaign, including a sponsor a performance opportunity for businesses.
Michael (Saint Michael’s Hospice) highlighted upcoming fundraising opportunities, including a Twilight Walk (22nd March) and the Great North Run (7th September), and encouraged local businesses to support hospice care.
Closing Remarks and Call for Feedback
Chamber Chief Executive Martin Mann closed the meeting by reiterating the Chamber’s commitment to supporting its members. He announced that a follow-up email would be sent, including links to the presentations, details about the Harrogate Station Gateway Project questionnaire, and a survey on paternity cover in businesses.
Both Phill and Martin emphasised the importance of member feedback in shaping future events and lobbying efforts, encouraging attendees to share their thoughts via email (chiefexec@harrogatechamber.co.uk) or by following the below link to give feedback on this meeting: https://www.menti.com/al34e8rev64r?source=voteCode
The meeting closed at 8pm, with the next meeting to take place on Monday 10th March (further details to be announced soon).
