An Updated Guide on Funding Your Project

We're taking an updated look at some of the best funding options for businesses looking to build a digital product.

Published by Hamish Kerry

So, you’re a startup, or an established business with a great idea for an app or web service that is going to make a real impact? That’s great! 

You might have designs, wireframes, a go-to-market strategy and a team assembled to help manage the product once it’s live. Absolutely fantastic stuff! 

However, there’s one conversation that can sometimes put a cork in the excitement buzzing around your new idea… How are we going to fund its creation? 

In most circumstances, businesses require a good level of capital in order to create the initial edition of a digital product. But the question remains, how can you create a product that satisfies a genuine need and has a beneficial impact on the world when you may not have the funding on hand to do so?

If this is a question you’ve found yourself asking, you’ve come to the right place. 

We’ve previously spoken of a few funding options available to the majority of startups in our blog A Short Guide to Funding Your Project. However, since then we’ve added a few more options to our list of typically suggested sources. 

Here’s a few more you might find useful.

Funding Circle

Funding Circle specialise in a type of funding called a Business Loan. A business loan is a sum of money paid to a company with the express aim of being used for business, and it needs to be repaid over time with additional interest.

Business loans come in a variety of shapes and sizes, meeting a variety of needs for various business models and requirements. These include:

Recovery Loan Scheme

Unsecured Business Loans

Working Capital Loans

Company Loans

Self Employed Loans

Asset Finance

As with all loans though, you should only take out a business loan if you’re sure you can make the repayments.

The Inclusivity Project

Accessibility funds are offered from The Inclusivity Project to assist the creation of innovative digital solutions that promote workplace accessibility. The £1000–£2000 awards are intended to assist businesses with R&D for new goods and services that can expand their businesses by entering a new market, introducing a new product, or simply streamlining their operations. The Inclusivity Project focuses on the role that technology may play in fostering workplaces that are healthier, happier, and more inclusive.

In order to draw down funding from the Inclusivity Project, your business must be registered in Devon (or the Isles of Scilly). 

The North East Growth Hub

The North East Growth hub provides funding for a range of business purposes for companies across the North East. Covering the areas of County Durham, Gateshead, Newcastle, North Tyneside, Northumberland, South Tyneside and Sunderland. The funding covers a range of special interest areas, with typical grant amounts varying depending on their funding source.

The hub also provides access to advice, networking and services which greater allow for businesses in receipt of funding to prosper.

In short

We’ve said this before on our blog, but it is important to talk about the banality of looking for funding, it is, for startups and established businesses alike, a comonnon process that needs to be undertaken. You may need to look though a wide range of sources to find the one that’s best for you and your business, however, we will always help you find organisations that have been set up to guide you through financial solutions if you need them.

If you'd like to speak to us about getting your idea off the ground, give us a call or drop us a message here: Contact us

We'd love to chat about your project!

We're here to help. If you've got an idea or a direct need you would like help addressing, we're all ears!