| By :
Eddie Prentice
Government grants can be a very low cost (or no cost) way of funding for small businesses. The first step is to start doing a bit of research. Find out what funds are available in specific industry sectors or geographic regions. Companies should also find out as much as possible about how they would qualify for a grant and whether grants are conditional upon other sources of funds already being in place. A very pragmatic first step is to look up the local Business Link website and find a local adviser. Apart from the fact that there is a wealth of useful information on the site, advisers will have knowledge of the availability of many different types of grant, whether at European, national or local level. Once a scheme has been found which a company feels qualified to apply for, it's a bit like preparing a business plan for a bank and should address a number of factors: - The purpose for which the money is required. Is it a specific project or to fund future business growth? - The validity of the application. Why Company X? What benefits will ensue? - A detailed project plan, including all costs. - The ability of the company applying for the grant to implement the plan. For example, quality and experience of management and staff. - Summary business plan. - Referees - trade, legal or bank - Application closing dates Once an application form has been completed, the lead time for a response can be variable. It depends on the nature of the body offering the grant, the scale of the grant and the volume of applications. Do not rely on a quick turn around. If the need for which funds are being sought are business critical, simultaneously seek out other sources. What are the main criteria for success in a grant application? 1. Location Some regions have more grants available than others. If a business has flexibility about where it implements solutions, then a search of more socially deprived regions may yield more positive results, particularly if the project creates new employment possibilities. 2. Industry Sector Industries which have the prospect of growing and require research and development can attract government support. 3. Business Size Smaller companies are more likely to be grant targets rather than larger corporations who would be expected to have easier access to capital. In the event of a failed application, ask for feedback. This may provide some valuable information for any future grant applications.
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