Business Grants UK
Funding is vital to the progression of any business. Whether you are offering products or services, you are about to start a business, or you are an established business, you might be able to take advantage of some of the grant funding options from the UK government available for your company.
What Is A Business Grant
Government funding is available for a range of businesses in the UK via business grants. Grants can be available for a more general-purpose, such as helping you start a new business or for more specific reasons, such as supporting innovation and developing products or services. Unlike a loan, you aren’t required to pay back grant funding.
Grants are available in different amounts from under £1,000 to £500,000, depending on your sector and the required business support.
How Do You Qualify For Government Grants
To be considered for a small business grant, you or your company must typically meet stringent eligibility requirements. Depending on the grant, it may be available only to startups or more established businesses. You may be required to operate in a specific sector or location. A grant may be available only to those who sell or want to sell their products or services overseas or to business owners who belong to a specific group, whether that group is based on gender, ethnicity, age, or other criteria.
Applying For Small Business Government Grants
There are 200 government grants available for small business owners across the country. What type of grant funding you are eligible for can depend on many different factors. Some grant schemes have specific stipulations, such as starting a business to regenerate the local area, or you might need to be focused on an area of research to drive innovation. As most grants are specialists, you should always check that you meet the criteria before starting the application process.
Despite the number available, small business grants from the UK government or local authorities are few and far between, and competition is fierce. You need to maximise your chances of success before your application.
- Talk to the awarding body – taking the time to talk to the grant body can boost your chances of success.
- Check criteria – read all the criteria required for the application and ensure you meet everything required.
- Apply quickly – small business grants arel limited, so applying as soon as the grant opens will maximise your chances of acceptance before funds run out.
- Check your funding – most grants will meet an amount you are willing to invest yourself, so make sure you have the budget available should you need to provide this.
- Perfect your business plan – focus on your company’s objectives and your vision to help you create a business plan that meets the goals of the grant and support your business ideas going forward.
- Double-check your application – once your application is complete, make sure you proofread it for any spelling mistakes and make sure your calculations and forecasts are honest. Making wildly inappropriate figures and assumptions up will undermine your application. Consider hiring a consultant to help you maximise your chances of receiving the right government grant for your small business.
Obtaining a cash grant can be a massive boost for all types of business; however, you need to dedicate time to the application process and be patient while the decision comes through.