Applying For A Business Grant
If you are looking for financing to grow your business or start a new business, then grants and funding can be a viable option for you. There are over 200 grants available for businesses of all types to apply for in the UK.
Any business can apply for a cash grant providing you meet the eligibility and criteria set for each grant. Unlike a loan, government grants do not need to be paid back; however, some may require matching the funding, meaning whatever grant you get approved for, you need to have finances matching this to invest.
Can I Apply For A Business Grant?
Both new and established businesses can apply for grants. However, competition can be fierce, and there are usually some strict regulations regarding the use of the money and the nature of your business.
To find out if you can apply for grants and funding, it is best to thoroughly research the grants available to find one that best suits your business. This way, you won’t be wasting your time applying for grants you may be rejected for.
Due to the nature of the grants, the application process, both for government grants and those offered by local authorities, can be lengthy and require you to have a solid business plan to grow your business and satisfy the panel that meets the criteria and be accepted for a cash grant.
The best success when applying for grants is to make sure you submit your application early to get the most funding as funds are exhaustible. Make sure you offer as soon as the applications open. Make sure you meet all the criteria requested and provide a solid business plan to support this, evidence you can fulfil the requirements and your day-to-day activities, and your forecasts for the products or services. Avoid wildly inaccurate predictions or figures and be as realistic as possible. Check and double for any inaccuracies in your application and make sure everything is supplied at the same time.
Small Business Grants
Other types of financial assistance available to your small business will vary depending on where you are located in the country, the size of your company, the industry you are in, and whether you are seeking business launch grants or cash to expand your company.
Use the Finance and support for your online business tool to apply for grants by choosing the ‘grants’ check box on the government’s finance and support for business website. It’s also possible to narrow your search by how long your company has been in operation (this is useful if you’re looking for startup business grants), industry, employee count, and area of the United Kingdom.
One such method of financial assistance you might be eligible for is r&d tax credits. Research and development tax credits are available for many types of business, regardless of the sector. If you are developing products or services or modifying existing ones, then you might be able to claim this tax incentive instead of or as well as receiving a grant. In most cases, you can apply for both simultaneously but know that if you do, the grant can affect how much tax relief you will be eligible for.
Other methods of grants and funding for businesses include crowdsourcing, angel investors, business loan schemes and venture capital.