Read this blog before applying for business support grants
Are you looking for business support grants but don’t know where to start? Do you even know what kind of funding you need? Keep reading to understand more on how business grants can help you and begin your search for funding opportunities.
How can a business support grant help you?
There are many reasons why grant funding can help you and your business. The three main reasons being:
- It can save you money
- Provide you with expert advice and support
- Help your business grow.
Let’s explore these three benefits in more detail…
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Saving money and lowering costs
By applying for a business support grant, you can save money that can then be used elsewhere. For example, you’re a small business and you’ve just had a great year for rapid growth. Now, you need to move to bigger premises. A business support grant can help fund the move. Meaning you can then use the money you would have spent for other business needs, for example, hiring new staff. Business support grants can also be vital in helping you with your start-up costs if you are a new business. Until you begin trading, your income will be low, and you may see little profit in the beginning. This is because all the money you have coming in is being spent on getting your business off the ground. Getting funding can support with this, meaning you can grow your business quicker and start to see a profit earlier.
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Get expert advice and support
Some business support grants come with added mentoring schemes. So, not only are you receiving vital funding, but you can also learn along the way. Most schemes will provide expert advice through workshops, networking advice, weekly or monthly phone calls, and meetings with experts. This can help you learn valuable skills and knowledge that you can use within your own business plans. For example, some business support grants come with financial advice plans. They support you with managing your funds efficiently, helping you spend optimally and getting the most out of the funding.
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Growing your business
No matter what stage you are at within your business plans, funding can help your business grow. Just some of the things that business support grants can help with include:
- Buying new and necessary equipment/products
- Equipment upgrades
- Moving to new premises or helping with your current premises rates
- Hiring new staff members
- Helping with delivery costs of products or services
- Start-up costs.
There are a number of things that grant funding can help with. It will all come down to your business needs and what you need to grow.
Applying for a business support grant? Here is what you need to know
If you are new to the grant funding process, getting started could be tricky to navigate.
Here are 4 things to be aware of before you start applying:
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Applications can be complex
The funding providers will also ask very detailed questions, which, in-turn, require detailed answers. You may have not considered these questions before, and, therefore, may not know how to answer. This is often the case if it is your first-time applying for funding. Grants can also be quite time consuming; you may underestimate just how much work is involved in the application. This could result in missing application deadlines or submitting poor responses. To help with the application process, it may be in your best interest to find a grant writer to offer support.
Remember that when it comes to business support grants, it’s not one size fits all. Therefore, approach each application knowing that criteria will be different. Understand what the provider is asking and answer in as much detail as you can.
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Eligibility criteria applies
Each grant will come with its own criteria and requirements. You need to establish if you are indeed eligible for the funding. Read through the funding documents thoroughly before you begin. Finding out halfway through your application that in actual fact you aren’t eligible will be unfortunate. This means all your time has been wasted.
Some of the criteria that may affect your chances of being eligible for certain funding are:
- Business size and trading length
- Your location
- The industry/sector you are in
- What the funding will be used for.
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Business size
Yes, business size gets another mention. You may find that in your search for new funding that the size of your business can play an affect. The criteria in terms of business size can differ for each application. For example, some providers could state that a small business with under 30 employees is only eligible for their funding. Or some may state that only businesses with up to 100 employees, trading for 2+ years, can be awarded funding. Again, this will all be stated in the documents. So, remember to read the criteria carefully, and understand where your business fits.
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Type of funding
Business support grant funding can be issued in a number of ways. This could be:
- A single lump sum, giving to you upfront
- You can be reimbursed after spending your own money
- Value match schemes, where you need to match the value of your grant before you receive it. For example, if the funding is £5,000 then you also need to match it with £5,000 of your own money.
Before you begin the grant application, be aware of what type of funding it is and if it will suit your needs. You don’t want to find that you have been granted funding but need to match the value. This is especially the case if you cannot afford it!
Summary
So, you are looking to source new business support grants? Before you dive into the application, remember these four things:
- The applications can be complex and time-consuming – Make sure you are well prepared to answer any type of business question before you begin.
- Eligibility criteria applies to each new grant application. Check that you are able to access the funding before you start. You don’t want to waste valuable time.
- Size matters. Funding can depend on what size your business is and how long you have been trading.
- Type of funding. You need to understand what type of funding it is and how you will receive it.
Don’t be put off by the grant application. Business support grants can be beneficial to you and your business, so they are worth the complex application process. By getting funding from a business support grant you can:
- Buy new and necessary equipment/products
- Invest in equipment upgrades
- Move to a new premises, or get relief with your current premises rates
- Hire new staff members
- Help with delivery costs of products/services
- Help towards your start-up costs.
Looking for business support grants?
Here are just five that are currently live on our portal right now (as of June 2022):
Broadland Enterprise Grant Scheme – Eastern – £1k
This business support grant is to encourage small-micro businesses to grow and prosper to help in the development of the local economy.
SME Brexit Support Fund – UK Wide – £2k
By applying to this business support grant, you can get access to funding up to £2,000. This grant is for SMEs incorporated over 12 months ago and who import/export goods between Great Britain and the EU.
Community Shares Re-Boost Fund – UK Wide – £10k
The funding within this business support grant is divided into two Lots. The first Lot is to help with financial planning, governance support and marketing costs. As well as this, the grant helps you work towards you being awarded the Community Shares Standard Mark. The second Lot is a match equity investment scheme.
Providing Finance & Support to Businesses Across the North of England – North West – £150k
With this business support grant, you can get funding from £10,000 up to £150,000 for a variety of business needs. You can access this funding if you are a start-up, looking to expand, or needing equipment or premises.
Business Hothouse – UK Wide – £170k
As part of this business support grant, you can apply for funding to help grow your business. You will also receive business mentoring, access to free workshops and opportunities to network.
Our services
Grant Writing
If you are new to the process or don’t have the time to spend on your application, we can help.
Our Grant Writing Service is for businesses who want to start applying for grants, but don’t know where to begin. They can also help businesses who have been applying for grants but aren’t seeing success.
Our Grant Writing Consultants have over 60 years of experience in bidding for funding and grants. From start-up business grants to self-employed business grants. They can take care of the whole thing for you – they’ll even submit it on your behalf.
Grant Tracker
Not yet identified a grant you would like to apply for? You can source new funding opportunities with our Business Grant Tracker. Currently, we have over 1,700+ live business grant and funding opportunities. Our team have manually tracked 1,500+ data streams, searching for business grant opportunities. Each one is then uploaded to one central system, streamlining the process.
All you need to do to gain access is sign up for free.
Get in touch to find out how we can help your business grow!
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