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