Introduction »

Funding not to be taken for granted

Obtaining finance to help start, grow or develop a business can be a difficult task. However, grants and other financial support may be available to help the business realise its potential.

Grants are contributions awarded to businesses or individuals to assist with specific projects or activities. These can be obtained from a number of different types of body which include government departments, local development agencies, local authorities or councils and charitable organisations.

Investment in growth is a key objective of the current Government. Grants and other methods of support, therefore, are still available to both new and established businesses in spite of spending cuts on the whole.

Eligibility for grant funding can be dependent upon your location, business size and industry sector. Some areas, for example, are eligible for government funding through schemes to improve local social deprivation or unemployment.

Grants or other support can be obtained to provide funding for a diverse range of purposes. Some key types of support include:

• Investment in capital to create new jobs or safeguard existing ones
  Government grants have previously been available for investment in business through various grants. Grants within this remit are often still offered at a local level.
• Investment in environmentally friendly assets
  0% loans of £3,000 to £100,000 are available from the Carbon Trust.
• Activities stimulating regional development
  Regional development agencies, often distributing European funding, offer a range of grants to businesses to develop their local area.
• Investment in innovation, research and development
  Government grants are available to small and medium sized businesses for the research and development of technologically innovative products and processes. Grants are often made which cover a proportion of costs directly attributable to the activities.
• Employment and training
  A number of different types of grant are available ranging from those helping with additional costs incurred in employing disabled employees, to those helping with training and staff development expenditure.

Applying for a grant

The exact nature of the application will differ dependent on the type and source of funding being applied for. Formal application will normally be preceded by discussion with the funding body. The application is likely to then require completion of the relevant paperwork in addition to a sound business plan, as the overall pot for funding is often restricted.

Monies received will often require match-funding and performance criteria to be met, with a potential claw-back where funds are not used for their designated purpose.

The process of obtaining grant funding can be daunting due to the detailed information requirements of the application but we can assist with the process, or in preparation of a business plan.

So if you are thinking about applying for grant funding, please contact us to help you secure the best outcome.

Introduction »