Essential video about business concessions and start-up in the United Kingdom. Learn why there are more than 200 grants available for businesses across the country and what you can do to qualify.
Grants can be an attractive option, since they do not always require repayments or equity participations in exchange for financing. The eighth in our series of Essential Business Tips & # 39; try to find the right grant for your business.
Tip 1: Investigate your grant options
Start by looking at the different types of grants available. Gov.uk has a complete list of government grants in the UK, whether they are new or established companies, and you can see the options by industry type.
Tip 2: Make sure you are eligible
Once you have found the grant you want, it is important to verify that you are eligible. Grant applications generally have conditions to attract specific projects, so be sure to adjust the scope before investing time and resources into the application.
Tip 3: Prepare completely before applying
Before looking for any initial financing, it is vital to have a solid business plan, with realistic sales projections, cash flow and profit and loss forecasts. Adapt your business plan for the specific grant you are applying for, just as you would according to your CV for a job application. If you are already operating, you will also be asked for proof of your financial situation, including commercial bank statements.
Tip 4: Explore possible alternatives to grants
If a grant is not the right option for you, do not worry: there are many alternatives. "Soft" loans, which are similar to donations, are loans with lower interest rates and more generous terms than other loan options. Usually backed by the government, they offer loans of up to £ 25,000 with a low interest rate and access to free commercial support and mentoring, and often you only have to pay once you start making a profit.
With the right combination of research, planning and determination, there are many possibilities for you to find a donation or a suitable alternative to help you develop your business idea or grow your business.
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Video credits to Innovate UK YouTube channel