small business grants China
Business backing in the form of business grants to assist you start a business or develop specific projects can provide much-needed finance and from time to time expertise to help your business grow. Business grants are offered for a number of business activities or projects and cover many business sectors.
Business grant funding is planned to help and develop enterprise in the hope that it will in addition provide a boost to job prospects and the local economy. A range of organisations and government departments suggest business grants and as a small business, you may be eligible to access some of these.
small business grants China
What is a business grant?
A business grant is financial assistance, usually to initiate a business or for a special assignment, which is given to your business by an awarding body. Business grants grant finance to permit your business to undertake a special assignment that, devoid of financial assistance, would not be able to proceed. Such a project could include the preliminary start up of the company, developing a new product or buying apparatus.
A business grant is generally a one-off payment and provides finance that covers a % of the overheads of the assignment - normally, you or your business will have to meet some of the costs too. Unlike a loan, a grant does not usually have to be repaid, unless you don't adhere to the specific terms and conditions of the proposal.
What can you get a business grant for?
Business grants are offered for a selection of schemes, but each specific scheme will propose funding for a particular goal. Whether you meet the criteria for a business grant can also depend on factors such as the type of business you run, the extent of your company, whether the project will generate jobs and where your business is located.
small business grants China
Business grants may be obtainable to encompass one or more of the following 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 ordinarily be used for running capital or simply the organic growth of your business.
small business grants China
Will you be eligible for a business grant?
Most business grants have stern eligibility criteria or specific exclusions, for instance for particular locations or industry sectors. While distinctive schemes vary, there are some general themes across most grants.
Various areas have their own grants or specific schemes targeting social deprivation or high unemployment. Extra business grants are only open to businesses of a certain magnitude, measured by earnings or the quantity of staff.
A variety of sectors, including ship building, coal and steel, agriculture and transport, are subject to special restrictions. Manufacturing businesses are more liable than others to make the grade for grant support, while retail businesses are least likely to qualify.
Most business grants are not obtainable looking back. For example, if you are setting up to start a new business you ought to apply for any suitable grants well in advance of the time you intend to start trading. You will not customarily be eligible for this type of funding if you have already started to do business, and if you have already purchased the apparatus you are seeking a grant for it is not likely that the application will be considered.
small business grants China
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.
small business grants China
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.
Contact us regarding your grant.
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