Getting a Grant for Your Business

1. Be Prepared

Do not waste time trying to get a grant unless you are prepared to overcome four potential obstacles first.

1.1 You must be ready to put up some of your own money.

• It is extremely rare for a grant to finance 100 per cent of the costs of any project.
• Grants typically cover 15 to 60 per cent of the total finance required for a project.

1.2 Grants are usually only available for specified projects. For example, investment in capital equipment and job creation, researching and developing a new product or process, or training programmes.

• The normal, organic process of company development does not usually qualify, however, there may be support for small and medium-sized enterprises that will accelerate investment and job creation.

1.3 You must have a clear project plan.

• You will probably need to show how the project ties in with the strategic direction of your business as outlined in your business plan.

1.4 Grant schemes are for projects that are not already under way, and almost always impose certain restrictions.

• The project must help towards achieving the objectives of the grant provider - usually a department or agency of local, national or European government.
• In most cases, you must be able to show that the project would not take place and achieve the same benefits without the grant.