Business grants

Successive governments have invested heavily in small business. The range of government business grants available is extensive. Business grants, sometimes referred to as business development grants, are government funds made available to small business owners to help fund key projects. Business grants are available to fund a variety of projects from start up costs, IT infrastructure or expansion projects.

Depending upon your geographical location, there may be European Union funding available to you. This money is part of a fund designed to help generate jobs and redevelop underprivileged areas both in the UK and in Europe.

Grant money can only be spent on the project for which the grant was obtained but can cover between 30 – 70% of the cost of the project concerned. Grant money may not need to be repaid provided that it is used for the purpose it was given.

Grants are also available for the renovation of derelict or unused buildings. These grants may cover up to 80% of the refurbishment costs.

Before applying for a government grant it is essential that a sound business plan is drawn up, detailed budgets are created explaining exactly what the money will be used for. The likelihood of your company getting the grant will depend on it.