A grant is when an amount of money is given to an individual or business to be used for a specific project or purpose. It normally only covers part of the cost or service with the balance paid for by the person receiving the grant.
There are many sources of grants for business development, often linked to specific business activities like exporting, training, specific industries and specific geographic areas in need of economic regeneration. Many grants are limited to small or medium-sized enterprises (SMEs) – typically one with fewer than 250 employees.
The government provides support through not only financial support but advice and training.
The following are key areas of government support…
Competition for monetary grants can be fierce. They come with strict terms and conditions that must be followed or the grant repaid and they are normally for specific proposed projects and not those already started.
The amount of matching funds to be provided by the receiver of the grant will vary from grant to grant. Sometimes it could be half and other times considerably less. The matching funds can come from the business, a loan or from a new investor.
When you have identified the right grant to apply for you will need to provide:
The application is normally judged according to the following criteria:
Local grants are processed more quickly but grants can take anything from a few weeks to a year to get a decision.
The following are common reasons why grant applications are rejected…
Trainee Development – Platinum
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