Getting funding for your business can give it a chance to grow, whether you’re a start-up, developing or an established business. Read on to learn more about how you can get funding for your growing business.
Government grants for small businesses and start-ups
There are a wide variety of government grants available for small businesses in the UK. However, these can be hard to get if you don’t know what you’re doing. Government grants are often complex and time consuming with lots of different stages. Most small business grants are given to start-up or new businesses, with the aim of that it will create jobs. Most grants are aimed at technology, science, and medicine. Government grants can come in a variety of forms, from cash awards to reduced cost and free equipment.
How to find funding options
A list of current government grants can be by using the government’s business finance support finder tool. Before applying for a grant it is important to make sure you meet all the criteria. You will need to be able to prove that the money will be put to good use.
You can also take a look at this list of small business grants to find something particularly applicable for you as a business owner. For example, if you are a woman or currently unemployed then there may be specific funding options available to you. It’s worth seeking these out, as they are likely to be less competitive due to fewer applicants.
Grant application tips
Here are a few of our top tips to bear in mind when applying for a grant:
You will have a better chance of receiving the grant if you apply early on, as there may only be a limited amount of money available to invest.
Create a great business plan
The awarding body will expect to see a professional business plan, so you should be able to provide evidence of a solid plan to improve your chances.
Read the objectives carefully
Take the time to learn about what the grant is being awarded for and what it aims to achieve. Base your application on these objectives to stand a better chance.
Small Business Loans
An alternative method of funding for your business is a traditional bank loan. It is important to do research on the various types of loans available for businesses and their interest rates. This is a good option if you already have a good relationship with your bank. Depending on your credit score, some banks will offer low-interest rates. However, it is important to note that this process can also be quite long and time-consuming.
If a bank loan isn’t an option for you a guaranteed loan might be a better option. These are for small businesses that don’t qualify for bank lending. However, there are strict conditions to meet in order to qualify and you will still have to demonstrate that your business plan is viable.