If you’re a small business owner or thinking of starting a business, funding is probably one of your biggest concerns. When they realise I have been successful in raising grant funding, most business owners ask me if there is any grant funding available for them.
The simple answer is yes, but getting your hands on it can be a complex and rather stressful process. There are various schemes, each with their own set of criteria, which you can apply for depending on your stage of business.
Grant funding is out there to be claimed, yet every year we receive stories of piles of cash sitting in accounts and not being invested such as this one.
It’s not because you don’t need the cash, but unlike this article it’s usually because navigating through the grants maze is difficult and most people give up before they’ve started!
All grant funded schemes are designed to encourage new and growing businesses, to bring wealth and ultimately create and safeguard jobs. To help achieve this, the government makes available a portion of taxpayers’ money to help and encourage enterprise through small business grants.
Most businesses are eligible at any one time to apply for a number of different business grants and support schemes which are distributed in a wide variety of forms. At our recent finance workshops in partnership with NE Finance (http://www.northeastfinance.org/) and Hitachi Capital (http://www.hitachicapital.co.uk/) we shared our views and news on what funding is available to north east businesses as we are lucky enough to have some exciting schemes if you know where to look.
At the event I shared my top list of grant options for Growing businesses and I’ve shared 2 of these below for you also;
Access to Finance Grant by UK Steel Enterprise
- The scheme will provide grant support alongside loan and equity finance for capital investment projects which create and safeguard jobs. The funding is available in all UK Steel Enterprise areas including the Tees Valley and Derwentside
- The grant funding element will be available to part finance eligible expenditure, which includes capital investment in plant and equipment, and applicants must demonstrate the creation of sustainable jobs as a result of the project. The amount of grant available will vary depending on location, the nature of the project and the number of jobs being created but could be up to 30% of eligible expenditure
Let’s Grow RGF
- Let’s Grow is aimed towards manufacturing businesses and service sector businesses offering more than a local service and supports projects of £200,000 or more in value which will be completed by 31st March 2017.
- Projects must meet the scheme criteria, but are judged on their levels of impact and preference is given to those offering best value for money.
- Grants will be offered in the range £50,000 to £1 million. Levels of support available depend on factors such as location of the project; type of expenditure planned, the size of the company and the level of job creation, and will range from 10% to 30%.
To help you find suitable funding options for your business, we have created a great tool to help find the finance to suit your needs. You are able to customise your search by your business location, size, and type of business activity and then we do the rest!