Where to Get Help With Funding a Career Change

If you want a career change, there’s a good chance you’ll have to retrain. Or you may wish to set up your own business. But whether you want to learn new skills or become your own boss, you'll need funding to help you.

The thought of this can be daunting at first. But there’s a lot of help available. You have to look in the right place for it and stay committed to your goal.

Becoming a Mature Student

For some people, changing career means going to college or university and becoming a mature student. Funding is available but the application process can be a little complex. The money you receive depends on your proposed course, your partner’s income and your circumstances. You’ll find that colleges and universities throughout the UK have specialist advisory staff. If you can, make an appointment to see them and explain what you want to do and what your exact situation is. Don’t hold anything back.

In simple terms, you may be able to get a grant and a loan. You don’t have to pay back the grant, but you will have to pay back the loan. You do this in instalments once you finish the course and start a job with a salary above a certain level.

The grant may consist of extras such as a childcare element, disabled allowance and parents’ learning allowance. The college or university adviser will explain what you can expect and how to apply.

Career Development Loans

Another type of government-sponsored help is a Professional and Career Development Loan. You can use the loan to assist with the payment of a course that lasts up to two years – or up to three years if a course has one year of work experience. To apply for the loan, you need to go to a bank that participates in the scheme. The amount you can borrow is between £300 and £10,000.

While you’re learning, you don’t pay interest on the loan. A month after you stop studying, you start paying the interest. The rate of interest is about the same as normal unsecured personal loans.

Setting Up a Business

If your career change involves setting up a business, you may be able to get a government or council grant. A lot depends on the type of business. Check for any government-run business enterprise schemes in your area. Also run a search on the Internet for current government grants.

Even then, you may not be clear about the grants you can apply for. A further option is to ring the Business Link Helpline at 0845 600 9006. You can make a free appointment with an adviser and explain your business idea.

Another possibility is to seek funding from a business angel. An angel is an investor who may be prepared to give you money to help you establish a business and change your career. A good starting point for advice is the British Business Angels Association. The phone number is 0207 089 2305.

Current Employer

If you work in a fairly large organisation, don’t discount the possibility of changing your career within it. Speak to your supervisor or human resources section and ask about sponsored training courses. You may find that your employer is willing to consider and fund an internal career transfer if there’s a suitable vacancy.

Family

It’s always wise to discuss a career change with your family. You may well discover they have positive suggestions to make. And sometimes, circumstances permitting, a partner or parent may be able to give you the money you need to help you accomplish your objective.

But whatever approach you take, be determined. Changing a career isn’t always easy because of the funding implications, but many people accomplish it. You can be one of them.

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