A Grant can be a useful tools for a business to give you the funds necessary to expand or even start your business. The application process can be confusing so in this blog we’re going to share some insights on how to best look for and apply for Grants.
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1. What is a Grant?
2. Determine what you need
3. Where to find a Grant
4. Checking your Eligibility
5. Write out your Business Plan
6. Have your Cashflow Forecast ready
7. Apply
What is a Grant?
A Grant is a sum of money given by an organisation, government, or individual to fund a specific project. Grants are typically awarded based on a competitive process, where applicants submit proposals detailing their project goals, objectives, budget, and timeline. In some cases the organisation has a yearly or even one time pot of money to use for grants so jumping in early can give you your best chance.
Unlike loans, grants don’t need to be repaid, making them an attractive option for SMEs seeking financial assistance without the burden of debt, but recipients are often required to go through an application process and meet a specific criteria like, when and how you’ll spend it and details on how your business is currently performing and how it will continue.
Determine what you need.
Knowing exactly when you need your grant and what you’re planning to use it for will help greatly in the search process. As you look through different options you can make sure they’re requirements align with your business. Write down the reasons you’re looking for a grant so you can ensure the grants you find are a fit for you.
Where to Find a Grant?
Finding a grant that’s right for you will take a bit of research. Once you’ve determined your need you’ll have an easier time spotting grants that are actually helpful to you. You can look through government websites, business charities, or business hubs.
Key Takeaways:
- Business Finance Support Finder
- Business Charities like The Princes Trust
- Business Hubs Find you local Hub Here
Checking Your Eligibility
One of the most important things you’ll need to know from a grant application is what information the company or organisation wants from you, so you can prepare everything in time for the application. A grant may also have certain requirements for how the money is used. Knowing all of this first will allow you to collect all of the information you need to be ready for the application process.
Typically, they will ask for specific information about your business, finances and even your Unique Tax Reference (UTR) or Company Number.
You may also need to look out for eligibility criteria to ensure your business is eligible for that particular grant. Example: An organisation may only give a grant to a small business with under 30 employees.
Write Out Your Business Plan
Now that you know what a grant expects from you, it’s likely that a grant application will ask for a business plan so they can see what your business has planned for the future and that it’s realistic.
Business plans, like our business road map, are important for keeping you on track and thinking about the future of your business. It’s a place to write down all the aspects of your business, from your target audience to your marketing strategy and your plans for 6 months from now.
Have Your Cash Flow Forecast Ready
What does a cashflow forecast look like? A Forecast means to predict or estimate, and that’s no different here! You’re estimating how much money your business will make in the next 12-24 months. This information doesn’t need to be pin-point accurate but it is based on the predicted inflow and outflow of cash over a certain period of time. This will depend on how your business makes and spends it’s money.
For business plans and cashflow forecasts you can find all the help you need through our business advisors. Give us a call and we can help you find what you need to take your business where you want it to go!
Apply
Now it’s time to apply which should be a breeze now that you’ve prepared anything you could need!
