AN ORGANISATION which helps new Plymouth businesses get started has now provided more than £300,000 in funding – in less than a year.

Outset Finance was established in January as an addition to Millbay-based Outset Plymouth’s intensive start-up programme to encourage Plymouth entrepreneurs to go into business.

And already Outset Finance, a not-for-profit programme, has helped 35 people achieve various forms of business funding to support start-up, new and existing companies.

This includes ventures involved in genealogy, holistic healing, mobile catering, window cleaning, pet services and web design, plus art galleries, cafes and more.

They had all been declined funding by mainstream financial providers.

Gregg Harding, a business finance adviser at Outset Plymouth, said: “Whether you are pre-start-up, a newly launched enterprise, or an existing business who require funding for start-up, or sustainability and growth, the opportunity is there, regardless of most people’s personal circumstances.”

Outset Finance is a £200,000 programme, fully-funded by the European Regional Development Fund (ERDF) and Plymouth City Council.

It delivers one-to-one mentoring to help businesses develop their financial plans, and also facilitates introductions to appropriate lenders and potential investors.

It also organises free workshops including: Money Matters, which looks at funding options; Fit for Finance, covering business planning; Money Sense, which concerns cash flow management and forecasting; and Pricing for Profit, which demystifies pricing strategies.

Rob Guy, also an Outset Plymouth business finance adviser, said: “There are very few sectors across the city that wouldn’t benefit from our programme.

“We are providing valuable resources to our city’s entrepreneurs and business people, and the results achieved to date demonstrate clear proof of how Outset is impacting on the city’s business community and the overall growth of the economy.”

Chris Burt, fund manager with the South West Investment Group, explained how the South West Microcredit Fund, partly funded by the ERDF Competitiveness Programme, is an important element of the Urban Enterprise programme, which supports the establishment and growth of businesses in Plymouth and the South West.

“We are working closely with the Outset team to help businesses improve their access to finance and are very pleased to have been able to provide funding to more than 20 businesses,” he said.

Outset Finance is managed by YTKO, a national provider of intensive start-up support, enterprise coaching and mentoring for budding businesses.

Bev Hurley, YTKO’s chief executive, said: “Accessing finance for start-up or for growing existing businesses is a key challenge, particularly in the current economic climate.

“A critical element of the process is ensuring companies are fully aware of all the options available and are able to present compelling business and financial propositions to potential funders, that are de-risked as much as possible.

“That’s where Outset Finance comes in, and I’m really delighted that the amount of finance raised for Plymouth businesses has already exceeded the investment in the programme by the city council and ERDF.”

Ted Fry, the city council’s deputy leader, said: “It is a credit to Outset Plymouth and their clients, who have taken the decision to run their own businesses.

“Plymouth is working hard to bring more ERDF monies into the city and I want more people, from all backgrounds, to have the opportunity to get into business.

“This level of success so far shows we are increasingly becoming a city of enterprise.”