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.

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.

• 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. (See Writing a 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.