Too many small businesses don’t consider grants when raising funds – despite the fact they provide free lump-sums of cash, often thousands of pounds. Sadly there’s a common misconception that grants are bureaucratic, time-consuming and impossibly competitive. This simply isn’t the case. Instead, business owners just need to know where to look.
Is my business applicable for a grant?
First and foremost, assess your needs and target-audience before you seek out any grants. Knowing what you’re looking for will make it easier to find a grant suitable to you, and your company. There’s an assortment of different grant types, the most common are for: Research and Development (R&D), training employees, generating jobs, innovation, conservation, and eco-friendly green incentives. Across these primary sub-sets there’s a total of 6,000 grants currently available to young UK businesses. Lastly, it’s important to remember grants are usually only applicable to a specific project or aspect of a business rather than it’s overall progression.
Where do I get one?
One of the easier ways of securing a grant is consulting your local council. Other than that, online grant search databases help connect young companies with funds. Both GRANTfinder and j4b provide a comprehensive list of grants available for young UK companies.