A grant is a form of finance provided by either government or private organisations for a specific purpose. Where a Grant differs from any other form of finance is that you don’t have to pay it back or give away a share of your business to receive it.
Business Grants have strict eligibility criteria that usually depend on different factors including the region you’re based in, the type of business you run and if there’s a focus on an area where your business could help.
There are 109 government Grant schemes across the UK.
What is a Grant?
Business Grants are an attractive form of finance as, provided a business meets the eligibility criteria, the support it receives is free.
But while the advantages of business Grants are well known, they’re not a straightforward nut to crack.
Eligibility criteria are strict, application processes are lengthy and there are no one-size-fits-all approaches to getting a Grant – it all depends on the rules and conditions of each individual Grant Programme.
There are hundreds of different business Grants available across the UK, with over 100 government Grants alone.
Along with a good spread of Grants across the UK’s regions, some business sectors, like Energy, Export and Innovation, benefit from an active Grant space, with lots of different options available.
Whether there’s a Grant available for your business depends on your business sector and the Grant provider’s aims.
“I would always recommend that people consider looking at the grants and financial support from the government. The worst that can happen is your application is rejected.”
|Nigel O’Donoghue CCO at Frank Recruitment Group|
Some Grants are provided in the form of finance while others offer free equipment or discounts to aid your business’ development. Whatever form your Grant takes, there will be conditions attached.
You may receive your Grant as a single lump sum up front, you may be reimbursed after spending your own money or you may need to match the value of your Grant before you receive it.
It all depends on the specific Grant you’re applying for.
Grants have very specific eligibility criteria which vary from business size to location, the sector your business is in to the purpose of the Grant itself, so it’s always a good idea to speak to the Grant provider to find out what’s involved in the process and whether you’re eligible.
The application process varies too, and it can be time consuming, which is another reason why it’s worth finding out how it works early on, before investing too much of your business’ time in completing the application.
Benefits of Grants
You don’t have to pay your Grant back
You retain control of your business
About your business
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