Find grants
In order to promote and sustain growth of local economies and businesses, the DTI and various other organisations offer a wide selection of business grants. These are a great source of finance for start-ups and growing businesses.
However, for many small businesses the main stumbling block to accessing grants is understanding the maze of conditions and requirements that are outlined in the application forms. These conditions will vary greatly depending on the location of the applicant and what sort of grant is being applied for.
If your business is location-independent, it may be worth considering deals which the government and local authorities produce to stimulate the development of new business in a particular area. Grants may be available to induce you to locate in an inner city or to one of the poorer regions of the country, or in an area of significant unemployment.
The following organisations have set up business mentoring and advice services to help growing businesses find and apply for relevant grants:
Government Offices
The Government Offices (GOs) in the English Regions are responsible for putting into practice locally the policies of various government departments, in particular those of the Department of Trade and Industry (DTI) where regional aid is concerned.
Regional Development Agencies
RDAs are the lead bodies at regional level for coordinating inward investment, raising people’s skills, improving the competitiveness of business, and facilitating social and physical regeneration. RDAs provide advice to GOs on the types of projects which are suitable for Enterprise Grants in light of their economic strategies.
Business Links
Business Links provide a point of entry for most of the services offered to SMEs by the DTI and other government departments. They will ask businesses to complete a simple questionnaire, and will search a grant database and provide details of any possible schemes.
Other sources
In addition to Business Links and local GOs, trade unions, trade associations and banks also provide information and application advice. Consider using the services of a management consultancy firm who will assess your business’ eligibility for specific grants and then help with the application.
However, before deciding to use an adviser make sure you check out the terms and conditions for their service - you may find that their charges vary considerably.
Action Checklist
- Contact your local business centre and collect material on the grants offered in the area
- Read through the material carefully and decide which grants you want to apply for
- Visit a Business Advisor to ensure that you are applying for the best grant, as well as making sure that you have applied properly
- Check out the following websites: Enterprise Grants, British Chambers of Commerce
- Check out the useful contacts section