When you are looking to start new business or when you try to develop the one that you already have, you usually face one big problem: from where to get the money to do so? There are a couple of options: finding investors, trying to get government funding or getting partners. It’s not a big surprise that the second option is most desirable and hardest to get due to the big competition that you’ll face along the way. Here are some sources that you can use to get these needed business grants.
- Regional growth funds.
They are governed by organizations awarded with cash from the fund for Regional growth. These organizations perform programs that offer loans and grants to small businesses. Every program has different criteria but the common ones are these:
- be based in the state;
- want to grow, strengthen or consolidate their business
- be investing own private capital
- be unable to find funding for the application elsewhere
- be compliant for state aid
- Local authority support.
Local councils offer awards, grants and schemes set to help the growth and development of small businesses. Check the site of your local council for such options or turn to them directly with letter.
- European Union funding.
If you want to outgrow the borders of your country, the funding from the European Union is one good way to do it. Every year about €375bn are distributed for small business grants passing through grant-awarding organizations. There are grants available for every region and country so check the site of the EU Commission to see the possibilities you have in your area.
- Specialized grants.
They are awarded by organizations to companies and individuals that match specific criteria or operate in specific industry. For UK such organizations are:
- The Technology Strategy Board (TSB) that supports the development of products and technologies and offer funding and advice to small businesses that aim in innovations.
- The Manufacturing Advisory Service (MAS) provides review of manufacturing businesses for free; also MAS offers grants in attempt to help with project or improvement costs.
- The Prince’s Trust offers grants and mentoring to young entrepreneurs up to 30 years of age.
- Tax allowances.
This is one option that many governments offer to ease the costs and to promote creation of small businesses. Ask your local authority for specific allowances that you can use.
Tags: EU, government, grant, small business, tax