Business Grants – are you able to apply for one?

Author: Carolyn Clayton

Business grants act as a specific sum of money that is given to a business for a specific purpose. This money doesn’t have to be repaid as long as you stick to the terms and conditions that are set out within the grant.

There are many places that you can go to in order to apply for a business grant such as the Government, European Union, Regional Development Agencies, local authorities and some charitable organisations. The reason that these establishments offer business grants is to help with business development. They are awarded to fund a new business idea or to fund a business project. In some cases a business grant may be linked to a certain business or a particular industry sector within a business.

Business grants are awarded for a number of different reasons and the reason that you want a business grant determines the type of grant that you will hopefully be awarded. Below are examples of the type of grants that are available for you to apply for:

• Innovation, research and development. There are numerous grants available to encourage investment in innovation, research and development.
• Access to knowledge. This is for guidance on the schemes available to support research and development in small businesses. Some businesses partner with a research or academic organisation in a project of mutual interest.
• Training. The Learning and Skills Council provide grants for training and skills development.
• New Deal. Available for employing New Deal candidates, as well as grants towards the training of young people.
• Young entrepreneurs. If you are unemployed or employed in a part-time or low-paid job, are aged 18-30 and are living in England or Northern Ireland, you can apply for funds to the Prince's Trust if you have a business idea. Discover if you are eligible for start-up support on the Prince's Trust website.
• Economic regeneration. These grants are to help businesses which are based in areas classified as assisted areas. They aid the help of regional development and urban regeneration as well as improving employment in the area.

One thing that all of these types of grants have in common is the fact that the organisation who are awarding the grant will expect a high level of commitment from you and your business. Also you will need to be able to prove that you are able to raise the amount of money which is needed on your behalf to match the funding provided by a grant. This is because the grant will only provide you with part of the money that you need to get your business idea into action. If you are unable to provide this money you will be turned down for a grant.

Some of the reasons as to why you may be awarded a grant are for the purchasing of machinery, to improve office conditions, increase employment and developing export markets. Everything that it will be awarded for comes down to the idea of helping you to develop your business.

About Author

Helen is the web master of Angel Start-ups, specialists in Business Grants and all aspects of Business Finance.

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