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Many businesses owners today are oblivious to the number of government grants available to assist them. The catch is usually that they have to meet criteria in order to be eligible.
What about grant eligibility criteria?
Grants are made available with specific aims such as:
- Benefitting a social minority group
- Improving basic skills
- Reducing unemployment
- Encouraging economic growth
- Improving international trade
To apply for a grant you will be required to meet certain eligibility criteria. Meeting this criteria means your business is more likely to achieve the grant aims. This criteria can range from you being based in a specific geographic location, be female owned, be a start up business, serve a specific sector and it can dictate what the money is spent on such as a website, energy saving solutions, learning materials, etc. You should be prepared to put a hand in your pocket yourself since many grant schemes don't cover the full costs, such as match funding where you are required to contribute 50%.
Why is applying for a grant such hassle?
You didn't think it was going to be easy did you? Be prepared for lots of form filling and visits/consultations with an advisor or government officer. They need to show evidence of your eligibility so the grant can be approved. Many businesses feel hassled by this process and don't understand why there needs to be so much paperwork and 'snooping', remember that the advisor is simply trying to make sure that the money IS awarded and more importantly, that the money continues to be available to help MORE businesses.
Where does grant money come from and why can't i Choose how I spend it?
This money does not automatically get allocated to your town or city. A lot of work goes into making it available to you. Usually, money is made available by the EU or central government and local councils and enterprise agencies are invited to make a bid. This process is a long and difficult one. The applicant must prove there is a need for the funding and also that they are capable of managing a grant scheme. They are also restrained by the allocation critera. So, while you might prefer to spend your grant money on a new computer system, the EU could have set conditions that say you can only use it towards getting a website designed. The agency controlling the grant is responsible for making sure that is how it is spent. It can be frustrating to everyone, but at least it's available.
What about lottery grants?
Grant money from the national lottery (28p out of every £1 spent) is awarded to good causes including the arts, sports, heritage, health, education, environment, community and charity sectors. distributors of lottery money in the UK include Arts Council England, Big Lottery Fund, Heritage Lottery Fund, Millennium Commission, Sport England, Awards for All and NESTA
Where can i find out about Grants for my business?
The business support unit at your local council or chamber of commerce have staff trained to know about opportunities for business development. Grants and funding opportunities come under a number of names and 'types'. If you are doing some research of your own, try looking for these types of grants:
- Social enterprise grants
- Website grants
- Start up grants
- European grants
- Local grants
- Government grants
- Community grants
- Industry specific grants
- New business grants
- Lottery grants
- Grants for women in businesses
- Conservation grants
- Energy efficiency grants
- Environmental grants
- Business development grants
- Rural development grants
- Business growth grants
- Marketing grants
www.j4bgrants.co.uk is an independent resource that helps small to medium suzed businesses in the UK identify government and European funding. Recent statistics show that to date there are 4500 grants and financial programs worth £50bn available to UK organisations and a staggering £2.7bn unallocated funds still available for good causes. The website goes into more detail about the different types of grants available such as special area grants and assisted area grants as well as other funding opportunities such as soft loans and other business awards. There is a fee involved when you search for grants independently so keep in mind your local council or enterprise agency will do this for free!
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