Finding small business grants in the UK can require investigation, with eligibility depending on a whole range of factors. That being said, it’s not impossible to find sources of small business funding you don’t have to pay back. We’ve put a list together to help take the stress out of finding financial help for your business…
Will I Have To Pay Back a Business Grant?
Unlike a business loan, you won’t be expected to pay back a business grant. There may be criteria that you have to meet with your grant however, for example if investing you may need to match the grant amount, but the criteria can differ from each grant awarding body.
Where Can I Find Financial Grants For My Business?
The financial help available to businesses will depend upon the size of the business, where you are based, the industry you are in and the type of help you need – for example start up, growth or training grants.
The Government have a handy Finance & Support For Your Business tool which you can access to find grants for your business. You can filter results so that only grants that are relevant to you will appear.
The Local Enterprise Partnerships (LEP) Network website lists all of the 38 regional Growth Hubs. The Growth Hubs have been set up to help businesses access funding, support and guidance in their local areas. The fantastic thing about the Growth Hubs is that they bring together available local and national business support in one place – making your search for funding a little easier! It is also worth speaking to your local Chamber of Commerce who may have localised information about business grants that would benefit your business.
Could I Get Funded Training For My Business?
If you, or an employee in your business, is looking to upskill or even gain new skills, help is available via the Government. There are funds available for training in a number of areas including hospitality, digital marketing or computer skills and even horticulture! The funding for training is available via the National Skills Fund.
Whilst the training grants aren’t accessible to all, they may be worth looking into if you are starting or looking to grow your business. There are also a number of free training courses available via the government website (there are criteria for these courses which you must meet).
How Do I Apply For a Business Grant?
The application process will vary depending on the grant you’re applying for, although we do have a few tips!
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Talk to the body that is awarding the grant – find out the criteria of the grant and tailor your application to the required
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Write a business plan & explain how you will use the funding – be specific to show how this funding will help your business
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Apply as quickly as possible – there is usually a limited pot of funds available for gratns, so it’s best to get your application in as early as possible
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Create a realistic cashflow forecast – this is useful for managing your business finance and is often needed when applying for financial assistance
Can You Help Me With Accessing Business Grants?
Of course! If you’re looking for a business grant and need to get straight with your finances, from cashflow forecasts to grant applications, get in touch with us! We love to help our clients manage and actually enjoy their business finances! Contact us to arrange a time to chat.