Business Grants – The Treacle You Need In Your Business
- 23rd March 2023
Sometimes in life, wading through treacle, is worth it. It tastes sweet at the end. In the last two years, two of our clients have received business grants to grow their business. And the best bit? Unlike other methods of business funding, they don’t have to pay the money back. Like we say. Sweet. It also means that our own business has benefited, as they’ve outsourced services to us, and in turn, we’ve employed apprentices to complete the work. What goes around, comes around, right?
But to get there it can often be like wading through treacle with oversized wellies. Tiring. Just looking over the grant eligibility is tough enough. Each with their own nuances and requirements. When it comes to grants, the devil really is in the detail. But there are things that can help.
Many grants are issued out by geographical region. Thankfully, the government’s digital policy has got something right for a change and this handy little tool can help you search for a grant by region: Business Grant Search
Engage with the body awarding the grant. They are often very helpful as it is in their benefit to do so and will go over the finer points with you.
Ensure you tailor your application to the grant purpose e.g. creating jobs, innovation.
Explain how you’ll use the money, taking care to observe any nuances such as items you will purchase to grow your business that are excluded from the grant.
Time your application – now many people say apply early, but we’ve had experience of applying for grants later in the process when schemes really need to get rid of the money. Often schemes are underpublicized, and so grant applications can be low. There’s no hard or fast rules but we’d say research previous grant years to see who they’ve given funding to.
Numbers matter – at the very least cashflow forecast and a business plan of ROI will help your application.
If the grant is popular, there will be hundreds of applications for the grant officer to wade through in oversized wellies. Use the same principles you use in your own business marketing, clear, concise information that gets right to the core of the subject and how you will use the money.
Many business owners go looking for money to help them invest to grow. Understandable. But there are other types of grants available. From broadband vouchers, to low car emissions to employing an apprentice. All of which will help your bottom line.
Funders will be looking for applications that fit their individual rules. The money needs to be spent in the right way and attention should be paid to how it will benefit, in financial terms, the business. No one is asking for your full accounts, but they are asking for a clearly laid out financial spreadsheet of how you will grow as a result.
If you are looking into growing your business through grants or other finance methods. Get in touch. We can help you prepare the grant application.