Grants are pockets of funding that individuals and businesses can apply for. Unlike traditional loans, grants are a monetary contribution that does not need to be paid back to the funder. Grants are typically offered by grant bodies, which typically include governmental organisations, non-profits, and individual financiers, to help businesses fulfill specific purposes – i.e research, expansion hiring employees, etc.
What is a business grant?
A business grant is funding awarded to eligible businesses as a form of a financial assistance, to help the company grow and reach milestones. Most grants are typically provided by the government, along with private corporations, individuals and charitable foundations.
Typically business grant are meant to fulfil a particular purpose. For example, the UK federal government is offering grant money to organizations as part of the Clean Air Scheme to support small businesses in becoming more environmentally friendly. When a business is funded through that scheme, the particular activity it meant to assist with is to be used to lower a company’s emissions and cannot be spent on other things. It’s essential to check the rules and regulations for each business grant you apply for to ensure you meet the criteria.
The key advantage of securing a business grant is that you do not have to pay the grant back. A grant is not a loan, therefore it does not have any interest attached to the financial support being awarded. Being awarded a grant will not affect your business financially, while giving the business the opportunity to gain advantages such as.
Have a question?
No business or path to success and growth is the same. If you have a question, are ready to apply or would like to learn more about Fundsquire, please contact us today.
Different types of grants you can get for your business
There are several types of grants available for businesses. Here is a rundown of the three most popular types of grant funding available for start-ups ups and scale-ups:
Government Grants
A government grant comes directly from the government in the country you’re located in. Usually, there are several different types of federal grants available. For example, there are grants to help companies more environmentally sustainable, hire employees, and help provide scholarships for research, education and training.
Charitable Grants
There are many grants available geared towards charities and non profit organisation. In the Canada, many non-profit organisations provide grants to support small businesses and start-ups getting off the ground.
Education Grants
Education grants are primarily scholarships aimed at students looking to further their careers by studying for some time at universities or college. However, other small funding pots help businesses and entrepreneurs with short-term courses.
Research Grants
Research grants are geared to help businesses with a particular research project. They can help with a research project or improve an idea, product, or service.
Have a question?
No business or path to success and growth is the same. If you have a question, are ready to apply or would like to learn more about Fundsquire, please contact us today.
How to apply for a grant
When applying for grants, applicants should write a tailored proposal detailing how they’ll use the funding and how they will benefit from it. It can be a hard, time-consuming process, but the application needs to stand out from the competition. Here are some tips to consider when it is your turn for the application process:
- Research the awarding body and grant: You want to tailor your application to the particular purpose of the grant. Ensure you have enough evidence about why you are seeking the grant and which projects or work your business will use it for. It is important to ensure you meet the eligibility criteria prior to starting your application.
- Tailor your application:You want to look for grants that align with your need, industry, and purpose. Ensure you have enough evidence about why you are seeking the grant and which projects or work your business will use it for. It is important to ensure you meet the eligibility criteria prior to starting your application.
- Treat it like a proposal: Your application is essentially a business proposal to suggest why you’re the best company to benefit from the funding. You’ll need to use persuasive language and convince the people who award the grant that you’ll be responsible for it.
- Outline how you’ll use the money: Be clear about how the funding will benefit your business, and explain how you’ll use it.
- Apply as early as possible:Depending on the funding body, there could be a limited pool of money and/or limited number of businesses that can avail the grant. Which is why if you get your application in earlier, you’ll have a higher chance of being awarded the grant and potentially accessing larger sum of funds.
Writing grants can be tricky and time-consuming, especially if you are new to the process. Many services offer support with grant writing, including professional grant writers who will support you in creating excellent grant applications tailored to the funder’s wants. They will streamline the grant writing process for you, ensure you are on the right track and offer advice and recommendations.
Looking for funding for your business?
Our team has been working with investors, debt finance specialists, and advisors for years, so we know the market better than anyone. If you want a no-obligation recommendation for a specialist that fits your business, simply contact us.