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Grants
1. Before You Start
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.
For example, the development of a new product or process, job creation or training programmes.
- The gradual, organic process of company development does not normally qualify, although there may be support for small and medium-sized enterprises that will accelerate job creation or investment.
1.3 You must have a plan.
You may have already written a business plan which you used for another purpose, such as raising finance from the bank.
- The business plan will need altering to place the emphasis on the specific project involved.
1.4 Grant schemes are typically aimed at projects that are not already underway, and usually impose restrictions.
- The project must help towards achieving the objectives or strategic aims of the grant provider - usually a department or agency of local, national or European government.
- In most cases, you must be able to demonstrate that the project would not take place and achieve the same benefits without the grant.
Labels: Small Business Grants, Finance & Grants
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