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Company backing in the form of business grants to assist you start a business or cultivate exclusive projects can provide much-needed finance and sometimes expertise to make your business develop. Business grants are available for a number of business activities or projects and involve many business sectors.

Business grant funding is proposed to sustain and advance enterprise in the anticipation that it will also provide a boost to employment and the regional economy. A range of organisations and government departments put forward business grants and as a small business, you may be eligible to access some of these.

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What is a business grant?

A business grant is monetary assistance, commonly to start a business or for a particular project, which is given to your business by an awarding body. Business grants grant finance to permit your business to undertake a particular assignment that, without financial help, wouldn't be able to get off the ground. Such a assignment may involve the initial start-up of the company, developing a new product or buying equipment.

A business grant is regularly a single outlay and provides finance that covers a percentage of the outlay of the assignment - on the whole, you or your business will have to pick up some of the expenses as well. Unlike a loan, a grant does not usually have to be repaid, unless you don't adhere to the particular terms and conditions of the proposal.

What can you get a business grant for?

Business grants are open for an assortment of schemes, but each distinctive scheme will present funding for a specific use. Whether you make the grade for a business grant can also depend on factors such as the style of business you manage, the size of your company, whether the project will produce jobs and where your business is located.

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Business grants may be obtainable to take in one or more of the subsequent activities:

Advertising, marketing and promotion.
Business expansion and relocation.
Business start up and market testing.
Investment in capital equipment.
Co-operatives and community enterprises.
Product design.
Environmental improvements.
Exporting.
Improving business premises.
Information technology (IT) and e-commerce.
New technology and innovation.
Recruitment and training.
Research and development (R&D).
Security.

It is worth noting that business grants cannot generally be used for running capital or simply the organic growth of your business.

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Will you be eligible for a business grant?

Most business grants have precise eligibility criteria or specific exclusions, for example for a number of locations or industry sectors. Though specific schemes vary, there are some general themes across most grants.

A quantity of areas have their own grants or exclusive schemes targeting social deprivation or high unemployment. Further business grants are only presented to businesses of a certain size, measured by takings or the quantity of staff.

A variety of sectors, including ship building, coal and steel, agriculture and transport, are subject to exclusive restrictions. Manufacturing businesses are more liable than others to qualify for grant support, while retail businesses are least likely to meet the criteria.

Most business grants are not obtainable on second thoughts. For illustration, if you are planning to start a new business you should apply for any appropriate grants well in advance of the day you intend to start trading. You will not generally be eligible for this kind of funding if you have already started to do business, and if you have already purchased the paraphernalia you are in the hunt for a grant for it is unlikely that the claim will be considered.

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Who offers business grants?

Many publicly funded groups provide financial assistance to businesses. The awarding bodies for grants may be by worldwide, continental, national or local organisations.

How do you apply for a business grant?

The grant application process will differ from scheme to scheme. However, these are some of the general stages that will apply to most situations.

Before applying:

To find out what business grant funding is available in your area and for your particular project one of the best places to start is your local SBA or Business Link. Most will have a directory of assistance available locally, nationally and at a continental level. Advisers will be able to put you in touch with the relevant grant awarding bodies and will be able to help you through the application process.
Contact the awarding body and check your project meets the specified eligibility criteria of the scheme to find out whether it is actually worth applying. Grant application forms can be lengthy and may take a lot of time and effort to complete. It is important to find out whether it is worth pursuing the application in the first place before you proceed. Ask the awarding body to send you an application form and more detailed information about the grant.
Remember you will be required to prove that your business has a genuine need for grant assistance.

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Most schemes will require you to supply a project plan or proposal, or frequently a business plan providing:

A project description detailing the aim of the project and how it will benefit your business.
Who will run the project, and what experience, knowledge and skills they have.
The total cost of the project, and how much money is required.
The length of the project and key deadlines.
The location of the project.
Why the project needs grant funding and what would happen if the support wasn't provided.
How you intend to fund your share of the project's costs.
How the project complies with the criteria set by the grant provider.
Details about your business, when it was set up, its activities and so on.
Financial information about your business. This might require the submission of accounts and forecasts.

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