Funding your Business Guide

• Complete your business plan as this may well be required as part of your submission. • Write a compelling proposal for the grant including how your application meets their criteria. • Submit within their required deadlines and be patient. Don’t rely exclusively on a business grant to come through as the competition can be fierce, consider other methods to raise funds particularly if your need is urgent. Grant funding can take time and any grant funder may require further information or want to make a site visit to review your proposal. Some grants may tie you into mentoring arrangement or request reporting on outcomes so you will need to consider the administration of this if you are successful. Make sure you are well connected with local business networks such as the Chamber of Commerce or Federation of Small Business or your own professional association. Your network and contacts may well advise on additional grants you may not have considered.

Grants can be sector specific, regional and may relate to start ups or businesses that need funding for expansion. You can find out more about the various grants using the governments portal www.gov.uk/business-finance-support. You can also contact your local Enterprise Partnership (LEP). Your LEP can provide you with advice and support around your business and any grants they may have in your area. www.lepnetwork.net. Some local authorities, employment programmes and housing associations may provide small grants for training and equipment if you meet their criteria. The Princes Trust also offers grants to start ups for young people aged 18 to 30. You could contact your local enterprise advisor at your council to see if there are any grants at town, city or district level. Tips • Align your application to grants that meet your business type, industry and location. • Check their eligibility criteria carefully so you don’t waste time making an application that may be refused.