Grants
Most businesses are eligible for a number of different schemes. Grants are given to either an individual or business for a specific project or purpose or for business development and cover part of the total costs involved. You will need to pay either the remainder of the costs or match the award yourself.
This guide gives you an introduction to the types of grants which are available to UK businesses and how and where to apply for them.
Grants are available from a number of sources including:
- The Government
- Regional Development Agencies
- Local authorities/local councils and local development agencies
- Chambers of Commerce
- County Enterprise Board
Types of grants
Some UK Government funding is also distributed through regional development agencies, colleges and the Learning and Skills Council for example:
- Learning and Skills Council provides grants for training and skills development. Further information can be found at www.lsc.gov.uk
- New Deal – this is a government strategy to get people back into employment and is ideal for companies wanting to employ new staff. Subsidies are available to employers of candidates. More information can be found at www.newdeal.gov.uk
- Economic Regeneration – Businesses in assisted areas may benefit from a grant if they are seen to provide regional development, urban regeneration or an improvement in employment prospects. Further information can be found at www.dti.gov.uk
- Best Business Practice – The DTI provides financial support for businesses, which introduce best practice improvements into the running for the business. See DTI website for further information.
Are you eligible for a grant?
Most grants are determined by a variety of factors including location, size, sector and reason for the grant. Before applying you should make sure that you meet these conditions.
Location
- Each county in the UK has its own range of grants with someareas getting extra funding, for example if there is high unemployment in the area.
- Some grants are also awarded by local authorities to help local businesses.
Size
- Some grants are only available to certain sized businesses or those with a specific turnover.
- Many grants are limited to small or medium sized enterprises (SMEs) with under 250 employees.
Sector
- The European Commission limits funding in certain sectors.
Reason for grant
- Grants are awarded for specific reasons such as equipment purchase and office improvements.
- Those assessing the eligibility for a grant will be looking for a high level of commitment and for the project to be commercially viable.
The application
Needless to say the application is critical and you must ensure that you meet all the criteria for the award. Your local Business Link adviser will be able to assist you with applying for a grant but in general you will need to provide the following information:
- A detailed description of the project or purpose of the grant;
- Description of the potential benefits of the project;
- Detailed work plan with full costings;
- Explanation of your own relevant experience and that of any other key managers;
- Completed application form.
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