Small Business Grants
Sunday, August 2, 2009 11:33Government grants and support
The government provides support to businesses both financially, in the form of grants, and through access to expert advice, information and services.
However, getting financial support can be tough. There will be strong competition and the criteria for grants are stringent. Criteria vary but are likely to include the location, size and industry sector of the business.
Government grants are almost always awarded for a specific purpose or project and are usually for proposed projects only – not for those that have already started.
There are also strict terms and conditions that apply to all grants. If these aren’t followed, immediate repayment of the grant can be required. However, generally you do not have to repay grants or interest on them unless you break the conditions.
Matching grant funds
Most government grants require you to match the funds you are being awarded. In other words, the grant covers a proportion of the money needed, while you supply the rest. You must also demonstrate that your business can provide its share of the total costs.
The amount of matching funds asked for varies from grant to grant. A research grant may require a business to find 40 per cent of the total cost with 60 per cent provided by the grant. However, a grant to refurbish a factory may require a considerably higher percentage of match funding.
The matching funds may be found from the owners of the business, retained profits, a loan, or from a new investor.
What kind of grants are available?
The main groups who award grants are:
* the government
* the European Union
* Regional Development Agencies in England, Scottish Enterprise, the Welsh Development Agency and Invest Northern Ireland
* local authorities or local councils and local development agencies
For more information, search Grants and Support Directory of grants, advice and other support on Business Link in your area.
Grant for Business Investment (GBI)
A grant under GBI is for the acquisition of key assets such as buildings, machinery and equipment, and to help create new jobs or safeguard existing ones. GBI is part of a range of support offered through the government’s new Solutions for Business portfolio. This portfolio is still being developed.
In Scotland, this is called the Grant for Regional Selective Assistance (RSA). You can read about RSA grants on the Scottish Business Grants website.
In Northern Ireland, this is called the Enterprise NI Loan Fund (ENILF). You can find out about the ENILF on the Enterprise NI website.
Businesses based in areas classified as assisted areas and in other areas as designated by the Regional Development Authorities (in England) may benefit from a grant if they stimulate regional development, urban regeneration or an improvement in employment prospects.
You can find grants that your business might be eligible for and get free information and advice from your local Business Link.
Innovation, research and development
There are numerous grants available to encourage investment in innovation,research and development.
Other government support
The government has developed a portfolio of highly targeted, publicly funded support products and services for businesses in England. Launching from October 2008, the new Solutions for Business portfolio will include support such as grants for business investment, expert advice services and specialist facilities for businesses in all sectors.
Government business support services are different in Scotland, Wales and Northern Ireland.
Train to Gain
The Train to Gain service operates regionally throughout England. It helps businesses identify their skills needs and source training to meet these.
Some training offered through Train to Gain is subsidised. Find out about services available on the Train to Gain website.
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