What you should know about small business grants

Small business grants can be a vital source of funding for small- and medium-sized enterprises (SMEs) looking to expand. These grants are often available to those defined as having fewer than 250 employees or with a current turnover of £45,000 or less.

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Location-specific

Small business grants are often tailored to specific areas or sectors. This means SMEs located in certain areas or operating within particular industries might have access to unique funding opportunities that others do not; for example, a local organisation might offer sector-specific grants to businesses to encourage innovation in industries such as technology, healthcare, or green energy.

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Combining grants

Small business grants can sometimes be combined with other forms of funding; for example, a business might secure a grant and use this as leverage to apply for additional funding from banks, crowdfunding platforms, or other lenders.

Challenges of applying for grants

It is important for SMEs to be aware that obtaining a grant can be a competitive process. Many grants have specific eligibility criteria, and the application process can be rigorous; for example, it is likely to require detailed business plans, financial projections, and evidence of how the funds will be used. Grants are highly competitive, especially popular ones. To stand out, your application must be well-organised and engaging.

If you are considering applying for grants, use a professional service to help you. Stroud business advisory service will be able to assist you in making important decisions for sustainability and growth within your business. A Stroud business advisory service will also help you to prepare a strong application containing your financial projections and how the grant will help you achieve this.

Some grants come with conditions that the business must meet, such as job creation targets or matching the grant amount with other funding. After receiving a grant, you may need to provide regular reports on how the funds are being used and the progress of your project; therefore, it is important to ensure you fully understand the terms and conditions associated with any grant you apply for.