Maria Peloponisiou~ 4 min Reading time | 10. Feb 2020
If you’re a small business, you might be pleased to know that there are some small business grants available. These grants can help you to lower your start-up costs, and help your business to grow. Some grants can help you save money on your equipment, whereas others can help you to save on your rates. This article will show you where you can get the grants from and how you can go about it.
What Types of Small Business Grants are Available?
There are many types of small business grants available some of them include:
The Prince’s Trust Grants These grants help to provide financial assistant as well as mentors. If you’re aged between 18 and 30, you might be eligible. Grants can vary from £1,500 up to £3,000 and can help you get your business off the ground. The mentors will give you advice about setting up your business and making some of those tough decisions new business owners often face.
Grant for Business Investment (GBI) GBI is a specific type of grant that is offered by the Regional Development Agencies. This is a grant that has been created to help a small business expand. A GBI can also help you to fund a brand new project or start a new company. Usually given to projects that have a large budget, they can help add some prosperity to deprived areas. Offering at least £10,000, a GBI is available for many businesses of any size and shape.
The Prince’s Countryside Fund This grant is solely for rural communicates within the UK. It can provide funding to a project that is thought to have a positive impact over a long period of time. If you are looking to increase the longevity or potential return of your business, or help areas that have been hit by hardship, this could be the grant you need. Providing no more than £50,00 per project, more than £1 million is awarded to businesses every year.
New Enterprise Allowance
This is a grants fund that helps to support unemployed people who wish to become self-employed. This is a scheme that offers a grant for 26 weeks. Those who are receiving, Job Seeker’s Allowance, Universal Credit, or Sickness Allowance. Not only could you receive a grant but you could also get help from a mentor. You could get up to £1,274 over the 26 weeks.
Each grant offers something different, however, you will need to meet the criteria before you’re considered for the money. Most of the grants out there are quite specialist which means they will only offer the money to a business that fulfills all of the criteria.
If you are looking for a small business grant you could:
Talk to the awarding body so you can determine how successful your application is.
Read through all of the objectives so you know what the grant is hoping to achieve. If you decide to make an application, refer to the objectives as much as you can.
Come up with a business plan if your business has already started trading.
Consider what you would use the grant for. You might have to mention this in your application.
Check how much you’re funding your business. If you can show how much you’re’ investing, you could be offered the same amount by an awarding body.
Apply as early as you can. Some grants are available for a limited time or until the money runs out. Early applications can help you to get the money you need.
Before you apply for a grant you might have to visit a multitude of small business grants websites. Make sure you read all of the terms and conditions and you’re aware of who is eligible for a grant. If you’re not sure that you’re eligible, why not contact the awarding body and ask them. You could save yourself a lot of time this way as filling out a grant application is not easy and it could take you a few hours.
There are many different types of grants available to small businesses. Make sure you have your application prepared and you can show all the required documents. This will ensure you’re in with a better chance. If you’re eligible and accepted for a grant, you could find that the extra money and business advice can get your business up and running.