When taking the plunge to start your own business, you’re going to need a bit of extra finance to get it up and running – this is where start-up grants come in. They are different from a PPP loan alternative as they are aimed at new entrepreneurs to help them with the funds they need to get their new business off the ground. There are grants available from the government, and from various charities and companies, all you must do is a bit of research to find which is the best for you. Below, we’ll look at a few different types of start-up grants that could help to boost your business.
The one distinct difference between a loan and a grant is that with a small business or start-up loan, you are expected to pay the lender back however much you borrow – you do not have to pay a grant back. A grant is described as a sum of money that is awarded to a business as a way of helping it to grow and develop and is usually given to companies that apply by local councils or the government. They can be used to invest in training within the company, equipment or as a way of expanding. There is a range of funding available that new businesses can use to get them off the ground which we will look at in more detail below from various government grants, grants for young people starting a business, as well as unemployed entrepreneurs.
There is a range of government grants available for start-up businesses as well as grants offered by various organisations as a way of developing new ideas. Some of these grants include tax relief, which is especially aimed at companies that are researching or developing an advancement within their field, as well as grants for taking on an apprentice, which could be great if you need help in your small business that you won’t have to pay for yourself – it also means you can help your community. If you’re starting a company in a rural area, you can even take advantage of grants that allow you to install high-speed broadband to help you with productivity.
This type of grant is specifically designed to help those that are on universal credit start up their business idea. Applying for one of these grants gives unemployed entrepreneurs the chance to access coaching from a professional that regularly works to help self-employed people. This is a great way of kick-starting your business if you’ve fallen on hard times but have an idea that you think you could make a success, develop, and grow. You can also benefit from information offered by the government to help you make the transition from living on benefits to working within your own business.
Another great start-up grant that can be used to boost your business idea, is a grant offered by the government for young people that would like to start and run their own business. This was popular in 2020 as a response to the pandemic, and although applications are closed for now, The Prince’s Trust can offer free information sessions and workshops so you can kick start your idea. Business grants may still be offered depending on the circumstance, but low-interest loans are also available to get your business off the ground.
If you think a start-up grant would be a good option for you, you’re going to need to know how to apply! All you must do is research start-up grants online as a way of finding the perfect option for your business. Before you apply you should talk to the body that is offering the grant, so that you can tailor your application accordingly in line with what they are looking for. You should also make sure you have a business plan that shows how your business is going to grow and explain how you’re planning to use the money. As well as this, it is generally advantageous to apply as soon as possible to give your business the best chance of being awarded your chosen grant.
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