Business Grants

Business Grant Possibilities For The UK

While you are starting a new business, or maybe you have a company and you want to expand it somehow, finances are most often the factor that could be the hardest to organise. It's good to know there are lots of avenues of help available for you to consider. You might want to consider obtaining some kind of a grant that can help kick-start your new enterprise.

If you are looking to invest in staff training, getting new production equipment or tools, researching and developing new services or just want to have a professional web site designed for your organization, there is a possibility that there is a tailor-made grant or capital resource that's been set up for your very purposes.

Millions of Pounds of grant money remains uninvested yearly, there are hundreds of grant programmes tucked away that very few people know about that only experts in the field are able to advise you about applying for. First, you have got to ask around in the right places and be ready for it to take some time.

A good start would be to pay a visit to your local Business enterprise Initiative and government small business offices to find out what is out there that could help to grow your business. There are actually grants available ranging from as little as £50 - £100 for a small business to millions for large corporations, as a result of various small business financial assistance groups and businesses, the trick is finding these people and secondly, making an application.

You will definitely need to have a solid, well-written business plan, and that would be one of the areas where they could help you initially. They even include free training courses for those who have been recently made redundant as well as long term unemployed people to help them to formulate their own business plan including cash flow projections for the first year of trading and then beyond.

You do need a bank account, it is really worth talking to your bank about what you would like to do, try shopping around to find the best deal when it comes to business bank accounts, (the high street banks are usually in competition with each other offering the best business bank account deals and sometimes offer stuff like free business enterprise banking for your first year)

Make sure that your new business plan makes sense - It may sound ridiculous but you would be surprised at the number of people who neglect to ensure these essential business criteria are in place before seeking financial help.

Also, you will have to ensure that you have at least half of your projected start up investment available - nearly all grant systems expect that the proposer is able to put up at least 50% of the funds in the first place, otherwise they will not feel comfortable that it is a sensible investment and also that you are not 100 % serious or committed to developing it.

The key sources of new business funding are usually -  Government grants and also loans, local councils, Euro funds and Charitable enterprises. The trick is always to have knowledgeable professionals helping you who can assist you through all the red tape and find you the most appropriate funding selection with the best chance of success.

The business charity organisations have money reserved for these puposes but only for the businesses that they align with in some way either philosophically or in objective. The most commonly known are definitely Government and Euro funds and for that reason approaching business initiative or these bodies directly is a good step towards getting financial assistance starting or growing your business venture.

You will need to understand that the process is extremely exhausting and time consuming, you will probably need to have a backup plan if the application to get funding is unsuccessful. A good second option to consider is a company funding loan and there are wide ranging types of "soft" loans available that may offer very low or even 0% interest rates, with the repayments spread over longer than usual time frames. On the whole these are quicker to get and have significantly less restrictive conditions linked, just you have to pay them back.