What is a Small Business Grant?
A grant is a sum of money awarded to an applicant to help them achieve a certain end. Depending on the type of grant you receive you may or may not need to pay it back. If it is to be repaid, there are many repayment plans available to allow you to return the money in a way and at a pace that is best for you. It’s rare that one grant will cover the full amount you require to get your business up and running, but they can go a long way towards getting you to where you need to be, particularly if a number of them can be combined. You may find that a funding bodies are interested in putting the money towards a particular project you are running or a certain area of your business, so it’s important to look into the interests of potential supporters before applying.
How Can I Get a Grant?
It’s no secret that the grant application process can be highly competitive. Most funding bodies have a set amount that they are able to offer each applicant, and a great many businesses may be in the running for that sum. Before you apply for a grant, you should make sure that your business fits the specific eligibility criteria publicised by each potential funder, as some may be more suitable for your purposes and therefore your application may be more likely to succeed. You may not be eligible if your company already has a number of backers, if you do business in an affluent area or if you’re applying for support within the general running of your company instead of applying in the hopes of achieving a certain goal, building particular facilities or undertaking a specific project. There are a wide range of parameters and various selections of criteria to meet depending on the body you’re applying to, so it’s important to read up on each.