Every country seeks for ways to develop its economics and it seems nowadays that this development is in the hands of the small business. That’s why many governments gladly fund small companies with grants, loans and other ways. One of the countries with long long history in the business area is the United Kingdom. Here is what you need to know for the grants that its government gives:
- Positive sides of the business grants.
- You don’t have to return them or to pay interest on them, in other words they are non-repayable.
- You have all the control over your business and the decisions connected to it.
- Negative sides of the business grants.
- They are hard to get because there is a great competition.
- There is a lot of information you need to get and a lot of documents to fill; besides receiving the actual money can take a long time. The process of application and receiving of the business funding grants is very time-consuming.
- Grants often go to projects that haven’t been started yet.
- No grant covers your expenses in 100%.
- Most grants are pointed toward specific fields of the business and sometimes finding one that matches your can be tough.
- What authorities offer small business grants in UK?
Except the national Government, you can search for financial support from the Government of the European Union; local authorities, Regional Development Agencies, Chambers of Commerce and many others.
- What criteria are important when you apply for government grants?
- Location – government often sresses on the development of certain geographical areas; is your business in the right place?
- Business classification – usually there are forms of business that are promoted with grants: partnerships, limited companies, sole traders, etc. What is your company?
- Industry type – many grants focus on specific sectors and industries; search for the ones that match your industry. Search for information for such grants in specific newspapers, magazines or from people who operate in the same area as you.
- Grant purpose – depending on the project you can find wide range of financing opportunities. Develop your aim with some ecological or social benefits and your project will get better acceptance.
- Business size – what matters here are your incomes, how many employees you have and what scale and legal form has your business.
Tags: business, EU, government, grant, UK