Grants are the next source of funding we will consider.
There are literally thousands of different types of business grants available.
One of the hardest things is finding them, and getting through the application process, which can be long and arduous.
However, if you or your business qualifies, they can provide the financial impetus your idea needs to either get off the ground or grow into something bigger and better.
All publicly funded schemes are designed to encourage new and growing businesses, to bring wealth and ultimately create jobs. To help achieve this, the government makes available a portion of taxpayers’ money to help and encourage enterprise.
This cash gets distributed through a variety of ministries, departments, agencies and organisations both on a national and local basis. Even universities can also provide match funding for research and development grants.
The good news is that most businesses are eligible at any one time to apply for a number of different business start-up grants and support schemes which are distributed in a wide variety of forms.
It is just not possible to say exactly how many grants schemes there are out there. For example, the Enterprise Advisory Service’s main database usually contains over 3,000 open at any time not including those offered by local authorities.
Useful Websites are www.j4bgrants.co.uk and https://www.gov.uk/business-finance-support-finder
The key pro of Grant Funding is that it is free money that doesn’t need to be repaid.
The cons of Grant Funding are:
- It takes time for grants to processed, ranging from months to a year
- There may be additional requirements on your business. For example, helping the community or society in general
- Ongoing additional documentation maybe required