Small Business

by Administrator at Feb 11, 4:35 pm

Government Grants

Grants for entrepreneurs starting a small business and where to get them.

It is not possible to say exactly how many grants schemes there are out there. The Enterprise Advisory Service�s main database usually contains over 3,000 at any open time not including those offered by local authorities.

Here are some places that may help

European grants

The European Union is a huge source of funds for businesses of all sizes, and the money is usually distributed through the European Commission. This body administers a number of schemes through what are known as Structural funds. There are also specific grant schemes such as for business involved in agriculture for example.

National government grants

Grants for small firms come from both the UK government but also the Scottish Parliament, Welsh and Northern Ireland Assemblies and each of these has its own departments and agencies, which hand out the money based on their own criteria and objectives. There are over one hundred of these bodies but among the most important are:

• Department of Trade and Industry
• Department for Education and Employment
• Department of Environment, Transport and the Regions
• Industrial Development Board � Northern Ireland
• Scottish Executive
• Welsh Development Agency
• Countryside Agency
• Enterprise Ireland
• Industrial Research & Technology Unit

  Local grants

  In addition to the local government authorities, which are also potentially be a source of funding, there are also a number of locally based agencies and organisations which have been established specifically to support and encourage enterprise at local level. Examples of these include the likes of Business Link an the Small Business Service.

  Grant eligibility

  Each grant scheme has its own set of criteria to determine whether a firm or project is worthy of its money. There is no business or industry sector which is excluded from applying for assistance, The vast majority of schemes apply without major restrictions but on those that do eligibility tends to fall into three main categories � location, size and industry.

  Grant application tips

  1. Have a chat with the grant provider about your chances of success before doing too much.
  
  2. Don't pin your hopes on starting the project immediately. Even if you're successful, it'll take a while to come through and you won't be reimbursed for payments you make beforehand.
  
  3. Prepare a good business plan to back everything up with research and figures. The plan may form part of the application so avoid the backs of beer mats.
  
  4. Find a project you want to do rather than pursue one for the sake of a grant.
  
  5. Ensure you can commit enough time to the application and that its worth this investment
  
  6. Don't pin all your hopes on getting the grant, as they are usually competitive.
  
  7. Make sure you can actually deliver results, as the grant can be withdrawn if you don't achieve agreed targets.
  
  8. Consider getting involved in partnerships. Public/private sector partnerships can be strong and sometimes essential and overseas partners will be essential for European schemes.
  
  9. Consider how you will match fund the grant, as it will rarely cover more than 50% of the project cost.
  
  10. Read the small print, and get someone else to check your application for clarity and any mistakes before you apply for any small business grant.

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