When it comes to starting a small business, having the right funding in place is essential for your success.
The Government offers a range of grants that can help you get your SME off the ground, without having to turn to your bank for a loan.
Securing grants can be difficult, but that’s where having an expert on hand can help.
Finding grants
Once you have decided to look for grants, it can be daunting to know where to start.
The Government website has a Business Finance Support Finder that is available for British Businesses.
You can filter this by location, type of support, business stage, industry, and more to get grants that are specifically suitable for your business. From here, you can start to delve deeper into what grants are available and which ones you are eligible for.
As well as national Government grants, it is advisable to check with your local authority to see what grants they have to offer.
Types of grants
Not all grants provide money or support in the same way. Whilst some provide direct funding, others can offer discounts on costs and equipment.
Some examples are:
Whilst direct grants may seem the more desirable option, grants that provide relief help free up money you can direct elsewhere and can help in the long term.
Choosing your grant
When it comes to applying for grants, it is important to find one that fits your business best. This means checking the qualifying criteria carefully and ensuring that your business needs match up with what the grant provides.
One thing to be wary of is fund matching. Some grants require you to match the funding they will provide, which can prove to be costly depending on the size of the grant. If you cannot afford this investment, make sure your chosen grant doesn’t include this term.
Planning your application
Once you have found a grant that is suitable, it is time to prepare a plan.
A plan must include your vision for the grant and make clear the tangible benefits it will have on not only your business but the community in which you operate.
It is important to tailor your application to the grant’s usage and explain in detail how the funds will be allocated.
You must also be prepared to provide evidence, whether that is a business plan, company accounts, or a cash flow forecast. If you need help generating these, it is best to consult with an accountant.
Once you have everything prepared, apply as soon as possible. Some grants have limited funds, so it is best to get in before other businesses take advantage.
If you are struggling to find a suitable grant, do not get discouraged. Funds get refilled or launched all the time, so new grants may become available for your business.
For help and advice with funding and grant applications, get in touch with one of our experts today.
