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Information Centre Guide

  1. 1. Funding Guide for Entrepreneurs Information Centre Guide July 2004
  2. 2. 1 FOREWARD BY TONY SARIN CHAIRMAN OF THE ASIAN BUSINESS ASSOCIATION When I was elected Chairman of the London Chamber's Asian Business Association a year ago I was determined to continue its record of providing practical information for businesses which could help them survive and prosper. As a venture capitalist and accountant associated with companies of all sizes it is no surprise that the subject of funding was brought up almost immediately! There are many funding initiatives in place to nurture business development and entrepreneurs and growing businesses need to research and look at the various different finance options available or they may risk missing out on that vital cash backing essential for their business. However, the funding schemes open to London-based entrepreneurs developing an innovative idea, starting up a new business or growing a young business are not always easy to find. While the most common source of business finance is a loan or overdraft from the bank, many SMEs and start-up companies cannot provide the security needed against defaulting on loan repayments and turn to alternative sources such as soft loans, grants or business angels. This Funding Guide for Entrepreneurs guide, covers information on Awards, Business Angels, Business Incubators, Corporate Venturing, Factoring, Grants, Leasing, Loans, Match Funding, Venture Capital and includes a section on European Funding. It outlines the funding options available and provides contact details and websites for the various sources of finance and sources of information on obtaining finance. The Funding Guide for Entrepreneurs has been produced at the request of the Asian Business Association of the London Chamber as an essential tool to help and encourage businesses to take advantage of the wide range of funding available to entrepreneurs. I am delighted to commend it to all businesses - new and established, large and small - as a valuable and comprehensive guide.
  3. 3. 2 CONTENTS Grants Page 3 Match Funding Page 7 Factoring Page 7 Business Incubators Page 8 Business Angels Page 8 Venture Capital Page 9 Corporate Venturing Page 10 Loans Page 10 Awards Page 12 Leasing Page 12 European Funding Page 13 Sources of Information Page 15 © London Chamber of Commerce and Industry 33 Queen Street, London EC4R 1AP 2004
  4. 4. 3 GRANTS Grants are usually used alongside other forms of finance and typically cover no more than 50% of the total finance costs. They are normally for new projects, rather than on-going company development, and are awarded on the basis of clear business and project plans. The applicant must justify dependence on the grant and the project must fit with the grant provider’s strategies. Grants in the UK are provided by central and local government and by the European Union, as well as other organisations. Grants usually do not have to be repaid and do not have associated interest payments. The first step in making a grant application, once relevant programmes have been identified, is to contact the administrator for some basic information, such as whether the scheme is still open to applicants, when the grants are awarded and what the application procedure involves. Sometimes applicants can benefit from free help from the provider during the application process and some find it is worth paying for professional assistance from consultants or accountants. There are hundreds of different grant schemes in operation across the UK, covering a wide variety of sectors, and it can take time matching business proposals with the, often strict, qualifying procedures. National or European grants usually have a two-stage application process, whereby Stage 1 is a form of up to around 5 pages in length which includes applicant costings. If applicants meet the initial requirements, they will be sent a Stage 2 application form which may be up to 25 pages long. These grants can take between 2 and 12 months to obtain. Local grants, awarded by regional bodies such as councils, have less complicated application procedures which are usually decided upon within 4 to 6 weeks. London based grants The London Development Agency (LDA) The LDA is one of 9 governmental Regional Development Agencies which funds a number of schemes designed to promote business in the capital. Currently, some of these schemes are: Selective Finance for Investment in England (SFI), Regional Venture Capital Fund (RVCF) and the London Innovation Strategy and Action Plan. The London Innovation Strategy and Action Plan is a 3 year programme, which started in May 2003, aimed at motivating innovation across the London business community. Key elements of the scheme are: • support with the development of innovative products for individuals and SMEs from experienced business people • innovation grants for London-based SMEs © London Chamber of Commerce and Industry 33 Queen Street, London EC4R 1AP 2004
  5. 5. 4 • the development of the London Innovation Relay Centre as an advice service for innovators and as an exchange for information between entrepreneurs in the UK and Europe • 'Young Foresight' programme to encourage young people to consider the benefits of innovative thought • seed funding for innovative projects (Seed funding is early-stage funding provided for the development of a concept or idea by a very young company or emerging business.) The LDA’s Innovation Unit is responsible for implementing these programmes and the scheme is overseen by the London Innovation Steering Group. In March 2004, the LDA launched a £1.26 million scheme in March 2004 called the SME Innovation Support Programme. This fund will exist for two years and award up to £30,000 to assist companies to develop innovative ideas into workable products and processes. Applicant companies must be small or medium sized based in London. Website: JumpStart JumpStart is a 2-year, £3.2 million programme led by the London Innovation Unit (part of the London Development Agency), which aims to encourage innovation across London businesses. It provides funding to connect small businesses with research institutes and colleges and also to improve businesses’ access to resources for innovation. Up to £10,000 and half of total project costs is available to connect SMEs with Research and Technology Organisations and Higher Education Institutes, allowing the exploitation of R&D knowledge and facilities. Up to £100,000 is available to encourage access to resources for innovation and up to £1 million is available to improve networks to promote London as a centre for innovation. Website: DTI grants for R&D The DTI’s Grant for Research and Development assists SMEs to develop innovative technological products and processes. The funding initiative opened in June 2003 and has replaced the DTI’s Smart scheme. There are four different bands of funding within the R&D scheme for the Micro Project, the Research Project, the Development Project and Exceptional Projects. Grants between £2,500 and £20,000 are awarded for Micro Projects and can account for up to 50% of the total project cost. The company must be a micro business (with under 10 staff) and the project definition is the development of a prototype for an innovative process or product. Grants between £20,000 and £75,000 are available for Research Projects, which are defined as a study of the cost and viability of transferring a new technology into a new process or © London Chamber of Commerce and Industry 33 Queen Street, London EC4R 1AP 2004
  6. 6. 5 product. Up to 60% of total project costs will be given and the applicant must be a small business. Development Projects cover the development of a prototype process or product and supporting technology by an SME. Grants fall between £20,000 and £200,000 and will cover up to 35% of total project costs. Exceptional Projects cover the development of a pivotal new technology, which is ground- breaking in a particular industry sector. Grants are awarded to SMEs for up to 35% of total costs, to a maximum of £500,000. Website: Website: Selective Finance for Investment in England (SFI) From 1 April 2004, Regional Selective Assistance and Enterprise Grants in England, were replaced by a new regional grant scheme called Selective Finance for Investment in England (SFI). Grants are awarded only to projects based in certain “assisted areas” and are based on eligibility criteria of demonstrable need and viability, and the majority of funding must come from other private sector sources. The minimum grant awarded is £10,000. Website: Business Link for London Co-funded by the LDA and the European Social Fund, Business Link for London offers information and advice to entrepreneurs starting up their own business. Business Link for London co-funds the London Business Growth Fund and the London Business Start Up Fund, both of which are detailed in the Loans section of this fact sheet. The Business Link for London website also features a business premises location facility and the j4b database of UK business grants. Website: Grantfinder The Grantfinder database is an online database of over 4000 grants available from UK or European Union sources, which is updated each month. The European Information Centre (EIC) team at the London Chamber can search Grantfinder to find a match for your venture. A search costs £35 + VAT (reduced to £25 + VAT for members of the London Chamber). Tel: 020 7489 1992 E-mail: Made in London Made in London runs the Single Regeneration Budget (SRB) scheme, which is designed to support the manufacturing industry in London. The £6.3 million fund is provided by the © London Chamber of Commerce and Industry 33 Queen Street, London EC4R 1AP 2004
  7. 7. 6 London Development Agency and is to be matched by additional private and public funding to create a 5 year fund of £13 million. One of the projects funded is the Manufacturing Advisory Service London, which provides free information to UK manufacturers. Website: Creative Link Grants Scheme The Creative Link Grants Scheme is offered by the University of Greenwich. Applicants must be businesses in the creative industries based in Bexley, Lewisham or Greenwich. The maximum award is £12,000 for projects developing new products or processes. Tel: 020 8331 7711 or email: MEDIA Plus MEDIA Plus is a 5 year grant scheme designed to boost competition in the European film, TV and new media industries. Development or distribution funding is available to production and distribution companies and training places are subsidised for non-corporate individuals. There are currently 3 funding schemes still open to applicants which are: the Distribution Selective Scheme, the i2i Audiovisual scheme and the TV Broadcasting programme. Website: Investigating an Innovative Idea The DTI’s Grant for Investigating an Innovative Idea is awarded to businesses that have an innovative idea but need expert guidance about the viability of putting the proposal into action. The idea can take the form of a process, service or product. Website: LINK LINK currently covers 25 programmes, which are funded by Research Councils and the Government, to nurture partnerships between industry and specialised research bodies. The programme categories are: Electronics, Communications & IT; Food & Agriculture; Biosciences & Medical; Materials & Chemicals; Energy & Engineering. Any UK company can apply for LINK funding and a maximum of 50% of project costs will be awarded. Website: NESTA grants for creative entrepreneurs NESTA’s (National Endowment for Science, Technology & the Arts) Creative Pioneer Programme is a £3 million seed fund which aims to assist a maximum of 30 entrepreneurs each year in setting up businesses in the creative industries. Awards of up to £35,000 are © London Chamber of Commerce and Industry 33 Queen Street, London EC4R 1AP 2004
  8. 8. 7 given to individuals who have graduated within the last 3 years in the moving image, architecture or art and design fields. The project, which was piloted in 2003, aims to foster creativity and innovation. Website: Phoenix Fund The Phoenix Fund was established in 1999 by the Government’s Small Business Service to encourage investment in under-privileged areas across the UK. The initial fund of £11.3 million has been extended by a further £8 million to extend the fund life until 2006. These funds are awarded to Community Development Finance Institutions (CDFIs) in order to benefit disadvantaged communities by the creation of jobs and improvement of local economies. Currently, the Phoenix Fund incorporates: • Development Fund for Rural Renewal for the promotion of communities affect by the foot and mouth disease • City Growth Strategies for the development of business in inner city areas • Community Development Venture Fund to assist SMEs deprived areas • Development Fund to nurture innovation in boosting business in under-privileged communities • Network of volunteer mentors for start-ups and young businesses. MATCH FUNDING Match funding, which can come from public or private organisations, is the contribution made towards the costs of a project. Often the company receiving the funding must match the amount, although it is possible to use public sector funding to match funding from another source such as an EU grant. ‘Actual match funding’ is in the form of cash payments and ‘match funding in-kind’ is an unpaid contribution, in the form of land, equipment or resources. Private match funding is usually ‘in-kind’ funding such as staff time. Volunteer time is also classed as match funding in-kind, although there are restrictions governing the calculations for in-kind costings. FACTORING Factoring is another way of funding your business and has grown in popularity over the last decade. A factoring company will lend money based on the borrower issuing new invoices © London Chamber of Commerce and Industry 33 Queen Street, London EC4R 1AP 2004
  9. 9. 8 and will usually take control of these invoices. Once they are paid, the factor will give the balance of the payment to the borrower after deducting the original loan. These flexible loans are often taken by small businesses which need additional funds for the fulfilment of new orders. However, borrowers need to be aware that a one-off service charge is payable in addition to interest and that if an invoice is not paid after a specified amount of time, the factor will still reclaim any loan made against that invoice. Factors will lend up to 80% of an invoice’s value and the advantage with these loans is that they can often be set up quite quickly and leave the current management in control, as opposed to funding from business angels or venture capitalists who want a stake in the business. One potential problem is that if the factor takes control of the invoices, the borrowing company can lose control of the debt collection process and customer service strategy. Invoice discounting is similar to factoring, in that it is a loan against invoices issued but it differs in that the borrower remains responsible for collecting their debts. This is a great advantage to some borrowers, who want their financial arrangements to be confidential from customers. When factoring arrangements are set up, customers are informed as a matter of course. For further information: Website: BUSINESS INCUBATORS Business incubators are organisations which support start-up companies by providing a number of services such as finance, office space, mentoring and equipment. These organisations, which first sprang up in 1950’s America, have spread to Europe and now take a variety of forms. Some incubators are funded by the government to encourage entrepreneurship or create jobs and others are operated by venture capital firms with the principal focus being a good financial return. Others are funded by a mixture of private and public support and are often called public-private-partnerships. Fourthly, other incubators are primarily affiliated with research institutions and offer access to academic bodies, staff and research. Similarly, the focus of incubators varies. Some operate in a specialised market, such as communications, while others are more general and will take on a wider range of business start-ups. Finally, technology incubators develop only technology companies, such as biotechnology start-ups, and specialise in offering links to research bodies, universities and skilled staff. Six out of ten of the incubators established in the UK are technology incubators. For further information: Website: Website: Website: BusinessIncubators.pdf Website: Website: Website: Website: © London Chamber of Commerce and Industry 33 Queen Street, London EC4R 1AP 2004
  10. 10. 9 BUSINESS ANGELS Business angels are private individuals willing to invest funds in start-up companies. Typically, the investment range of business angels is £20,000 - £500,000 and they often request anonymity to avoid unwanted approaches. Business angels are often successful business people in their own right with a wealth of experience to offer the start-up and, in some cases, will take a stake in the company in return for the cash injection. Of the estimated 18,000 business angels operating in the UK market, as well as experienced business investors, some are companies taking majority stakes in return for cash investment, some are investors seeking an alternative to the stock market, and some are investors seeking an income and a role. Sometimes business angels are family or friends of the entrepreneur who are willing to inject funds into the project. This type of investment is a high-risk venture for the donor, as it is often unsubstantiated by proven management skills or product success. It is estimated that 40% of all investments by business angels are lost, so many investors will put funds into a variety of projects in order to spread the risk. The flip-side can be high yields from new businesses which conventional funding institutions could not justify financing in terms of risk. There are also tax breaks to be enjoyed as a result of business investment. Business angels often work in syndicate to reduce the risk factor. However, only 2% of projects applying for private equity funding are successful. London Business Angels Ltd (LBA) and Beer and Partners are two of a number of London- based business angel networks, which put investors and companies in touch. London Seed Capital (LSC) is run alongside LBA as a passive investor which will invest up to £100,000 in new companies which have at least one business angel committed to the project and who will become a board member after investment. This investment usually takes the form of LSC buying shares in the company. LSC is a ten year fund set up to manage £2.65m invested by the Small Business Service, under the Government’s Early Growth Funding initiative. An arrangement fee of up to £3,000 plus VAT is payable, in addition to the related legal costs incurred by LSC and an annual monitoring and advisory fee. Early growth companies in London and the Home Counties will be considered. The National Business Angels Network (NBAN) operates across the UK matching investors and start-ups. Founded in 1999, this not-for-profit organisation produces a directory which lists all known UK business angel networks. NBAN’s Bestmatch website is a platform to bring businesses and business angels together. For further information: Website: Website: Website: Website: Website: Website: © London Chamber of Commerce and Industry 33 Queen Street, London EC4R 1AP 2004
  11. 11. 10 VENTURE CAPITAL The Government acknowledged that there was a marked funding gap in terms of private sector investors injecting equity into small-scale SMEs. The result was the establishment of nine Regional Venture Capital Funds (RVCFs) across the UK. The London RVCF was the largest, standing at £50 million when it closed in July 2002. Each of the funds has a life of ten years, after which all investments must be reverted to cash. For any single project, the RVCF will provide up to 50% funding (consisting of funding from the DTI and the European Investment Fund) and the remaining 50% must be obtained by the fund manager from private sector investors. The maximum initial investment is £250,000 and awards are made to either a start-up company or an established SME seeking capital for organic growth or expansion by acquisition. A further award of £250,000 is available in some cases, bringing the maximum finance given to £500,000. Companies in certain sectors are excluded from accessing the RVCFs. The British Venture Capital Association (BVCA) represents approximately 160 UK private equity companies. The UK market is second only in global terms to the US and represents almost 40% of the total European market. BVCA provides comprehensive information about private equity companies, business angels and offers an online search facility for private equity sources. Private equity companies will specialise in certain industry sectors, geographic areas and in specific growth stages, such as seed capital. Website: CORPORATE VENTURING “Corporate venturing” covers a number of different alliances between companies. One of the most common forms of corporate venturing is when one company sets aside funds to invest in another smaller company. It can also be in the form of a strategic alliance whereby skills or access to distribution channels are provided. Equity investment can provide a number of tax benefits for the investing company and provides a way to expand business interests without acquisitions. While corporate venturing is well established in the US, it is less common in the UK and is focused in high growth areas such as IT, biotechnology and telecommunications. The Corporate Venturing Scheme (CVS) is offered by the Inland Revenue to enable companies to take a minority stake in another company. Details can be found at: Website: Corporate Venturing UK is a DTI-sponsored initiative designed to contribute towards economic growth. It provides a platform for companies wanting to invest to contact companies looking for investment or strategic alliances. Corporate Venturing UK is part of the National Business Angels Network. Website: LOANS Prince’s Trust © London Chamber of Commerce and Industry 33 Queen Street, London EC4R 1AP 2004
  12. 12. 11 The Prince’s Trust is a youth charity, established in 1976, which offers business start-up support, mentoring and training. The Prince’s Trust assists 18-30 year olds start up their own businesses in England, Northern Ireland and Wales. In Scotland, the Prince’s Scottish Youth Business Trust is a similar scheme which assists 18-25 year olds. The Prince’s Trust offers funding to young entrepreneurs who have been unable to find funding elsewhere and who are working less than 16 hours per week or are unemployed. Applicants must present a business plan to the Trust and, if successful, loans of up to £10,000 are awarded with low rates of interest. A mentor is allocated to each successful applicant and will submit a monthly progress report to the Trust. Website: Small Firms Loans Guarantee (SFLG) The Small Firms Loan Guarantee is a DTI initiative which offer soft loans to SMEs. The SFLG guarantees 75% of loans of between £5,000 and £100,000 for small businesses which have been unable to secure a conventional loan. Loans can be taken over a period of between two and ten years and the borrower pays the DTI 2% per annum on the amount outstanding. Applicant companies must be based in the UK and have an annual turnover under £3m (or £5m if the company is a manufacturer). Website: Accelerator Fund The DTI's Small Business Service (SBS) and Halifax Bank of Scotland (HBOS) jointly financed a new start up growth fund for SMEs in the South-East of England in mid 2004. The £10 million Accelerator Fund will be managed by Finance South East and will loan funds of between £25,000 and £100,000 per project. Loan terms will be 3 to 7 years. Website: London Business Start Up Fund This fund is a joint venture between Business Link for London and oneLondon to assist start- ups which have not been able to secure funding from mainstream lenders. Loans of up to £5000 are available for London-based companies which are just starting up or in the first two years of trading. The loans are to be repaid within 3 years and a monthly management fee is payable rather than interest. Website: London Business Growth Fund Business Link For London and oneLondon have also formed the London Business Growth Fund to assist companies which are already successfully up and running but need more funds © London Chamber of Commerce and Industry 33 Queen Street, London EC4R 1AP 2004
  13. 13. 12 for expansion. Loans of up to £20,000 are available to London-based businesses and must be repaid within 5 years, in addition to interest. Applicants to both the above funds are advised within two weeks of applying whether they meet the lending criteria or not. Website: East London Small Business Centre (ELSBC) Loan Funds ELSBC offer loans of up to £10,000 for start-ups and £15,000 for growth businesses in the boroughs of Tower Hamlets, Newham, Havering, Redbridge and Barking & Dagenham. These loans are only available where lenders have been unable to raise finance via their bank or family and friends. Business plans must be presented. Muslim clients based in Tower Hamlets and Newham can apply to a special loan for businesses in these areas. Website: Lambeth Start Up Fund The South Central Business Advisory Service administers this fund which offers start-up finance to Lambeth-based businesses which have not been able to secure a loan. The fund is sponsored by oneLondon. Website: Southwark Small Business Loan Fund This is another regional London initiative which offers low-interest loans to SMEs which have not been able to secure funding elsewhere. The fund, managed by Elephant Enterprises, awards loans of up to £5,000. Tel: 020 7701 4141 E-mail: AWARDS Shell LiveWIRE Shell LiveWIRE is an organisation which promotes entrepreneurship amongst 16 to 30 year olds in the UK. It provides information and advice for start-ups and young businesses, providing tailored start-up packs, a range of publications and an online mentoring service. Shell LiveWIRE also runs annual business start-up awards which give the winner £10,000. Applicants must be currently running a business which has not been in operation for more than 18 months. There is also an award for young businesses showing significant success. Website: LEASING © London Chamber of Commerce and Industry 33 Queen Street, London EC4R 1AP 2004
  14. 14. 13 Leasing is a method of financing machinery, equipment and other assets in a more manageable way than buying the goods outright. Equipment ranging from computers to plant can be leased or purchased by means of regular instalments to the owner – the lessor - under leasing arrangements. Under the terms of a ‘finance lease’ the lessee can claim VAT and tax relief on rental paid and the payments cover nearly all the costs of the asset. However, ‘operating leases’ are taken on items which will have a resale value, so will run for part of the expected life of the asset and will therefore not make the lessee liable for the full value of the asset. EUROPEAN FUNDING Structural Funds are the European Union’s main instruments for promoting the economic and social cohesion of the EU. The European Structural Funds meet only a proportion of the cost of any project, often requiring match funding from UK Government bodies or private organisations. The European Unit was established by the Government Office for London to manage the two European Structural Funds which are applicable to London: • European Regional Development Fund (ERDF) • European Social Fund (ESF). Broadly speaking the objectives of these funds for the period 2000 – 2006 are social and economic regeneration in areas experiencing structural problems and the modernisation of education, training and employment. In addition to Structural Funds, the European Commission provides funding across a wide variety of market sectors in the UK for SME development. Whereas some funding is distributed via UK Government bodies, other EU funding requires direct application. The ETF Start Up Facility is the EU’s programme for the investment in venture capital funds and business incubators, for the support of UK SMEs in their start-up phase. To find out more about EU funding, see the links below and contact the European Information Centre, based at the London Chamber of Commerce, on Tel: 020 7489 1992. Website: Website: Website: European Information Centre (EIC) The EIC team, based at the London Chamber, uses 'Grantfinder' to identify suitable European programmes for businesses and advises on where to go for further information. Grantfinder is an online database of over 4,000 grants and loans available from UK and European Union sources. The EIC has also produced EU funding guides, which give an in-depth view of options available to entrepreneurs. © London Chamber of Commerce and Industry 33 Queen Street, London EC4R 1AP 2004
  15. 15. 14 For further information on Grantfinder or to receive a Funding Guide e-mail or Tel: 020 7489 1992. Website: Eurowards Eurowards is a European awards organisation that enables business entrepreneurs from around 30 countries to compete in a bid to obtain coaching, the exchange of ideas and media coverage. It covers the four categories of businesses, from a developed idea, to a business at seed stage, through to start-up stage and a business in the early stages of growth. Website: © London Chamber of Commerce and Industry 33 Queen Street, London EC4R 1AP 2004
  16. 16. 15 SOURCES OF INFORMATION The London Chamber of Commerce and Industry, 33 Queen Street, London EC4N 1AP London Chamber’s, European Information Centre (EIC) can provide information and advice on funding. London Chamber is a membership organisation and further details of services and activities can be found on the website of the London Chamber of Commerce. Tel: 020 7248 4444 Fax: 020 7489 0391 E-mail: Website: Business Link, Link House, 292 - 308 Southbury Road, Enfield EN1 1TS Tel: 0845 6000 787 Fax: 020 8443 7270 Website: Department of Trade and Industry, DTI Enquiry Unit, 1 Victoria Street, London SW1H OET Tel: 020 7215 5000 Website: European Commission E-mail: Website: - for full mailing details Government Office for London, Riverwalk House, 157-161 Millbank, London SW1P 4RR Tel: 020 7217 3328 Fax: 020 7217 3450 Website: Shell LiveWire, Hawthorn House, Forth Banks, Newcastle upon Tyne NE1 3SG Tel: Lo-call 0845 757 3252 Tel: (Head Office) 0191 261 5584 Fax: 0191 261 1910 E-mail: Website: London Development Agency, The Information Department, The London Development Agency, Devon House, 58-60 St Katharine's Way, London E1W 1JX Tel : 020 7680 2000 Fax: 020 7680 2014 / 2040 Website: London Innovation Unit E-mail: Website: Made in London, London Chamber of Commerce and Industry, 33 Queen Street, London EC4R 1AP © London Chamber of Commerce and Industry 33 Queen Street, London EC4R 1AP 2004
  17. 17. 16 Tel: 020 7489 1988 Fax: 020 7203 1930 Website: Small Business Service, Kingsgate House, 66-74 Victoria Street, London SW1E 6SW Tel: 0845 001 0031 E-mail: Website: – online magazine Website: The Prince's Trust, 18 Park Square East, London NW1 4LH Tel - Freephone Enquiry Service: 0800 842 842 Tel: (Head Office) 020 7543 1234 Fax: (Head Office) 020 7543 1200 Minicom 0207 543 1374 Website: ◊◊◊◊◊◊◊◊◊◊◊◊◊◊◊◊◊◊ Disclaimer Whilst every effort has been made to ensure the accuracy of the information contained in this Guide, the London Chamber of Commerce and Industry does not guarantee the accuracy of the information contained therein and does not accept responsibility for errors, omissions or their consequences. © London Chamber of Commerce and Industry 33 Queen Street, London EC4R 1AP 2004