How should you apply for a business grant?
If you have dreams to grow your business, you will need to have access to funding to do so.
Securing a grant for your business is a great way to access the money you need, with the added bonus of not having to pay it back. But they can be difficult to obtain.
Whilst the Government offers a range of grants, these are usually for specific projects and are offered on a competitive basis.
Private organisations may also offer grants with a similar set of criteria.
To prepare for an application you need to do the following:
Identify your reasons
You need to prove why your business should receive the grant, over another business.
So, the first step is to identify what you want to achieve and how a grant would allow you to do so.
Ask yourself the following:
- What is your current position?
- Where would you like to be?
- Is there a particular sector you would like to branch out into?
- How much money would you need to achieve your goal?
Do your research
Once you have an overview of how you would use the grant, you will have insight into which grants you could apply for.
For example, if you wish to grow your business but you need to invest in digital accounting software to improve productivity, the Help to Grow: Digital scheme is a great option.
Whereas if you are looking to invest in cutting-edge technology, your business could be eligible for research and development-based grants.
More information on grants that the Government are currently providing can be found here.
Prepare your business
As mentioned, you need to make a convincing case for your business.
So, make sure you have a solid business plan in place. You should make sure that all of your accounts are in order, including your balance sheet and cash flow statement.
You must also consider the requirements of the grant, as some grants may require you to match the amount on offer.
If you need advice on related matters, contact us today.