small business help

Business support in the shape of business grants to help you start a business or acquire exclusive projects can present much-needed finance and from time to time expertise to make your business develop. Business grants are accessible for a number of business activities or projects and take in many business sectors.

Business grant funding is intended to support and cultivate enterprise in the likelihood that it will also provide a boost to job prospects and the regional economy. A selection of organisations and government departments propose business grants and as a small business, you may perhaps be eligible to access some of these.

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What is a business grant?

A business grant is economic assistance, customarily to initiate a business or for a exclusive project, which is given to your business by an awarding body. Business grants provide finance to let your business to undertake a special assignment that, without financial help, would not be able to proceed. Such a project might involve the preliminary start up of the company, developing a new product or buying apparatus.

A business grant is frequently a one-off outlay and provides finance that covers a % of the costs of the assignment - on the whole, you or your business will have to meet some of the expenditure also. Unlike a loan, a grant does not usually have to be repaid, unless you fail to adhere to the exact t&c's of the scheme.

What can you get a business grant for?

Business grants are available for an array of projects, but each particular scheme will suggest funding for a certain objective. Whether you be eligible for a business grant can also depend on factors such as the kind of business you run, the size of your company, whether the assignment will establish jobs and where your business is positioned.

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Business grants may be available to take in one or more of the subsequent actions:

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 by and large be used for working 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 strict eligibility criteria or particular exclusions, for example for a number of locations or industry sectors. While specific schemes vary, there are some familiar themes across most grants.

Several areas have their own grants or special schemes targeting social deprivation or high unemployment. Further business grants are only presented to businesses of a certain magnitude, measured by yield or the quantity of staff.

A few sectors, including shipbuilding, steel and coal, agriculture and transport, are subject to distinctive restrictions. Manufacturing businesses are more expected than others to make the grade for grant support, while retail businesses are least likely to meet the criteria.

Most business grants are not obtainable retrospectively. For illustration, if you are setting up 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 sort of funding if you have already started to trade, and if you have already purchased the paraphernalia you are seeking a grant for it is doubtful that the application 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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