| In business we all sometimes need that extra little bit | | | | into opening up more jobs within the business and |
| of cash to get certain business ideas off the ground. | | | | adding value to the business, which is done mainly |
| There are many ways in which you are able to gain | | | | through the businesses profits. |
| extra business finance such as loans, overdrafts, credit | | | | Some of the reasons as to why you may be |
| cards or through private investors such as business | | | | awarded a grant are for the purchasing of machinery, |
| angels; however what do all of these have in | | | | to improve office conditions, increase employment and |
| common? They all have to be repaid in one form or | | | | developing export markets. Everything that it will be |
| another but with a business grant it's another story. | | | | awarded for comes down to the idea of helping you |
| Business grants are a sum of money that is awarded | | | | to develop your business. |
| to your company for a very specific purpose or | | | | To be in with a chance of receiving a business grant |
| project. This money means that you can undertake | | | | you need to make sure that you meet the conditions |
| the changes that you want to make to your business | | | | set out by the grant. These conditions are that you |
| without having any debts at the end of it; sounds too | | | | have to have the rest of the money for your specific |
| good to be true? Well let me assure you this is | | | | project or purpose ready and the project can't have |
| completely genuine but like all things that seem too | | | | already been started. These are strict terms and |
| good to be true there are a few catches. You are | | | | conditions that apply to all grants. If these aren't |
| only awarded between 15% and 50% of the total | | | | followed, immediate repayment of the grant can be |
| money that you need to carry out your project; the | | | | required. However, generally you do not have to repay |
| rest of the money needed has to come from you. The | | | | grants or interest on them unless you break the |
| percentage of the total cost that you will be awarded | | | | conditions. |
| depends on how much money you need for your | | | | Applying for grants can be time-consuming. You will |
| purpose or project. | | | | generally be required to submit your business plan, as |
| There are many ways in which you can obtain a grant | | | | well as completing the specific paperwork for the |
| some of the main ones are as follows: | | | | scheme. Once your application has been made it will |
| Â- The government | | | | enter the reviewing stage where your application and |
| Â- The European Union | | | | proposal will be assessed using the following criteria: |
| Â- Regional Development Agencies in England, | | | | Â- Significance |
| Scottish Enterprise, the Welsh Development Agency | | | | Â- Approach |
| and Invest Northern Ireland | | | | Â- Innovation |
| Â- Local authorities or local councils and local | | | | Â- Their assessment of your expertise |
| development agencies | | | | Â- Need for the grant |
| Â- Chambers of Commerce | | | | There aren't many grants available, which means that |
| Â- County Enterprise Boards | | | | competition for them is high so if you aren't successful |
| The main type of business grants that are available | | | | this time then I advise you to take on board the |
| are government grants and the reason that they | | | | reasons as to why your application was turned down |
| came about was as a way of encouraging | | | | so that you can work on these points and apply again. |
| entrepreneurialism and innovation, which will translate | | | | |