One thing is certain about UK small business grants; many different types of grants are available, but you’re the one who has to aggressively look for them. To those unfamiliar with grants, be forewarned that the search and application process is long and tedious, but the payoff can be significant.

The UK Small Business Service is a good source for finding out about official government grant programs. You can find out more here www.sbs.gov.uk . Be sure to check out the other links on that site as well. There is a wealth of information available.

Monies obtained from the grants process generally are used by a UK small business to help fund a business-related project such as the creation of a new product that a company wants to bring to market. Before the product can get to market, a business may need additional funding for machinery, materials or special equipment that it will use in production. Grant money typically is not awarded for general business expansion. There are other types of funding available to help with this.

When applying for UK small business grants, keep in mind that those reviewing grant applications want to understand more about the actual product and, to a lesser extent, how the monies will be distributed. Those awarding grants do so with the ultimate goal of keeping the economy growing. If you’re applying for a grant, be sure to highlight how the product you plan to produce will benefit the overall economy. For example, will it generate new jobs? Will it be exported? You do need to show how the equipment you spend grant money on contributes to the project overall, but as a secondary issue.

When applying for UK small business grants remember that competition is stiff. The pool of funding is limited but the number of businesses vying for that funding is not. Do whatever you can (within acceptable limits and without over-projecting) to make your application stand out above the others. And definitely take a look at your business plan and update it accordingly. A business plan is an absolute requirement for any grant application. Also, get your grant application submitted as soon as possible.

Something else to consider when applying for UK small business grants is that your small business has to be able to match the amount of funding awarded by the grant. Many business owners don’t realize this.

The typical maximum amount of grant money distributed per award is 50% or less of the required project amount. By showing you’re able to generate the remaining funding, you’re showing a level of commitment on your behalf to the project’s success. This commitment is crucial for the success of any business venture. Your perseverance will pay off. Good luck!

David
Small Business Resource