New business funding for ex military

****Sorry Guys you may need to check I think the funding has finished***** 1 Jan 14.

I found out through my network club early part of the year, that the British Legion have opened their books just recently and are now accepting business plans for funding for new start ups. I was pleasantly surprised because when I asked the legion last year, I would have had to be in business for at least 2 years before being considered, now however it is open to anyone who served in the Military and it matters not if you have already been in business for a while.

When you served is not important even if it was as recent the Napoleonic wars. Territorial Army and reservists are especially welcome to apply. I even met a guy who was a meteorologist for the troops in the Falklands and he was on the course, so don’t write of your chances, find out,  it’s only a Telephone call.

Don’t think that it will be easy though, they will assess you and if they think you stand a chance. If they think you are you will be placed on a two day training course where they will train you and equip you for what is expected on your business plan. You will have an advisor  to assess your business plan, and help you to improve it, so as to give you the best chance of success, when it comes to the final part of the process, which will be the board at Bolton, apparently this is where the Dragons lair is for the North West.

It is more a Ph.D. in your business plan than anything else, and even though the civvystreet website gives you a timeline, multiply by three to be sure of how long this will take.

You have to get your business plan pre-approved by your local agent and I went through blue orchid in Liverpool, and it can be a frustrating process especially if your plan is not so straightforward, like mine. I wish I could just write: I have a cure for Parkinsons, and I want the grant money to take my cure to market, here’s my Granny she had Parkinsons <photo> and here she is now winning the London Marathon cured <photo>. But life is not like that, and it can be a challenge to explain in words what your goal is.

The end prize is £3,000-$7500 monies of which 25% is a free grant and the rest is payable back at 9.4% over 4 years. If your business grows well you can then apply for around £30,000 in year two.

 

To see if you are eligible contact Royal British Legion, 199 Borough High Street, London, SE1 1AA, Tel: 0800 678 5787, Email: betheboss@civvystreet.org

 

 

 

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