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Page 8 of 8
Getting a Grant for Your Business
7. Grant Payments
7.1 Plan your cashflow.
- You might have to wait to be reimbursed, so you may need to make arrangements for a bridging loan.
7.2 Grant money is generally handed over according to an agreed schedule.
Payments may be made:
- In instalments, at fixed periods.
- In arrears, against proof of actual expenditure.
- With some payments up front, and the rest as you meet the stipulated requirements at each stage.For example, a payment might be conditional on the project employing a certain number of people.
7.3 Keep detailed records.
The grant-providers will want to monitor how the money is being used.
- This may involve visits to your premises, or you may have to visit them to present a report.
- There may be a final audit before you are given the last payment.
Labels: Small Business Grants, Finance & Grants
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