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Finding and applying for business grants for small businesses and startups can be challenging. You need to do proper research. The grant providers will check your eligibility and then provide approval.
How to apply for small business grant from the government? Explore our article to know the latest business funding grants for small & medium-sized businesses, entrepreneurs & start-ups.
Are grants and loans the same?
Grants and loans aren’t the same. The loan refers to the money the business needs to pay back within a specific time. While you need to pay back the loan, you wouldn’t need to pay back the grants. You can reach out to any experienced professional to receive the grants. The grants should be equivalent to what you're willing to invest.
What are the best grants for small businesses?
Many grants are designed specifically for small businesses and young entrepreneurs. These schemes come with limited age. The Prince’s Trust Enterprise Scheme is one of the most interesting ones. People between the age of 18 to 30 years will be able to apply for these grants. However, their idea must be able to switch to a great business plan.
There is a complete business mentorship program. Furthermore, you can also apply for a cash grant to cater to the startup costs. The maximum amount of grant funding you can receive is around £5,000. The Prince’s Trust’s track record is approximately 86,000 people applying for it. They were eventually able to scale their business.
Apart from this scheme, there are other grants as well. Similarly, these grants will apply to small businesses. Some of the most prominent ones include the following:
- Spaces 4 Change: It applies to young people who want to repurpose or use empty spaces for worthwhile ventures.
- Shell LiveWIRE: It will play an essential role in strengthening the local economy worldwide. Furthermore, it will also help to promote young entrepreneurship around the world.
How to apply for small business grants?
If you’re a small business trying to grow, you must know how to bring growth. The application process of applying for the small business grant will vary depending on the grant you’re applying for. Nonetheless, there are some tips that you need to follow for applying for the grant:
1. Discuss with the body
Various bodies provide grants. It would help if you considered reaching out to them and trying to understand what they have to offer. It would help if you also tried understanding what they will be looking for. Depending on your needs, you should make an application. As a result, depending on that, you can fit all the needs. It would help if you looked for job creation and sustainability options and eventually applied for the small business grant.
2. Write the plan
Since you will be applying for grants, you must write the plan. Writing the business plan clearly will help determine the business growth. Furthermore, it will make getting the grant easier for you. If your business is profitable, the right plan will play an important role.
3. Define how you’re going to use the money
Since you will be applying for the grant, you must also explain how you will use the money. At this point, you need to be very specific about what you would do with the money. Since this is the funding you need for business, you need to explain how you will grow the business. After all, this is the point that will help you get the grants easily. The body wants a satisfactory answer. So, make sure to frame your answer accordingly.
4. Apply early
Every grant has some specific amount. However, many of these come with a limited amount. You should apply for the grants early. Various businesses are applying for these grants. When looking for grants with limited funds, the best thing to do is apply as early as possible. This makes it easier to get approval.
5. Have a cashflow forecast
When applying for grants, you need to have a proper cash flow. It will be pretty helpful for managing the finances of your business. Furthermore, this will be important when you apply for finance. This will be handy when you’re applying for business or loan applications. They will ensure to check or take care of small things and then determine the efficiency.
Where can you find small business grants in the UK?
The small business grants you apply for will significantly depend on the country. Furthermore, they will also check the size of your business and the industry it belongs to. They will also check if you need startup grants or any funding for the company.
The government also provides finance and support for businesses. There is an online tool that you can follow to check if you fit in the grants box. Furthermore, you can also apply filters to check the efficiency. You can enter information like how long you’ve been in business. You can also enter details like the industry you belong to, the number of employees your business has, and the region you’re trading in.
Alternatives to grants
If you want to fund your small businesses, you need to access the grants. Apart from the grants, you can opt for venture capital, crowd funding and angel investment.
Conclusion
Business financing can be a complex topic. Therefore you should follow the details carefully to get complete information about the business. You may get in touch with a financial advisor or accountant. They will help you understand the business better. Furthermore, they will make it easier for you to apply for the funds. You can also weigh the options and apply for a grant that suits your business the most.
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