Top finance options
Finance Options for Your Bromley Business
Bromley has a thriving small business community, and the borough benefits from good transport links, a strong local economy, and growing support for entrepreneurship. But whether you're launching something new or trying to scale what you've already built, finding the right funding remains one of the most common challenges business owners face, and a rejection from a bank doesn't have to be the end of the road.
Here's an overview of the main finance options available, including some schemes with direct local support.
Grants
If your business idea benefits the local community, a grant could be worth exploring. Unlike loans, grants don't need to be paid back. They can be competitive, formula-based, or continuation funding, and are worth researching early, as eligibility criteria vary widely.
Angel Investors and Venture Capital
Angel investors, often friends, family, or well-connected individuals, tend to back businesses at the earliest stages, offering more favourable terms than traditional lenders. Venture capitalists invest larger sums in exchange for a share of your business, typically with an eye on long-term returns. Both suit businesses with strong growth potential and a compelling story to tell.
Crowdfunding
Platforms like Kickstarter and Indiegogo let you raise seed funding from lots of small investors. It's relatively low risk and works well when you can present your idea compellingly and mobilise a network to share it.
Invoice Finance
If cash flow is the issue rather than capital, invoice finance lets you borrow against money already owed to you by customers, a useful short-term bridge, though not a long-term solution.
Start-Up and Growth Loans
For businesses that don't fit traditional lending criteria, government-backed schemes offer a more accessible route. Start-Up Loans provide fixed-rate funding between £500 and £25,000 for new businesses, with no setup fees and free mentoring support. For established businesses looking to invest or expand, the Growth Guarantee Scheme, backed by the British Business Bank, supports lending where mainstream lenders may not offer suitable terms.
Local Support in Bromley
Two providers are currently active in the borough. Compass Business Finance is a commercial broker helping SMEs source funding across asset finance, working capital, and growth lending. Let's Do Business Finance offers Start-Up Loans and Growth Guarantee Scheme funding directly to Bromley businesses.