Our society is so designed that there is one or another way to help people, no matter what their status is or whichever situation they are in. Funds, grants, loans, etc. were introduced for these very reasons. The presence of such financial help is a promise of growth and hope for both person/ institution that receives it and the society as a whole.
What is a business grant?
A grant is the sum of money that is paid by an individual/ business institution – public/ private or government agencies to an NGO, small business institutions, or an individual. Neither does it come with an accruing interest nor is one required to repay. These grants are mainly made for a specific project. Even small businesses are eligible to receive funds based on their requirements.
How to get a grant?
To receive a grant one is required to submit a grant-writing or a proposal, stating the purpose of the project. It can either be written by the seeker by the owner or upon the request of the funding agency. If it is an NGO that is making the submission, especially in the business houses, then they would be required to mention about the tax-exemption status.
Things to know about business grants –
After submitting the proposal
Since there will be a lot of proposals that the business house or government agencies receive, they appoint a committee of experts to review it. Based on their report, the submissions with highest point of value are funded. This also helps the founding team to avoid any project that would come in conflict with their policies.
The benefits of receiving a grant
No need to repay
Since a detailed structure has to be laid down for the project, it is easy to keep track of milestones achieved
Once one grant is received, the other funding agencies too will be ready to invest in
Because a panel of experts has done thorough research on this, it gets validated automatically, thus boosting the confidence of investors
Drawbacks of getting a grant
It is not flexible. Once the grant is received for a particular project, it should be used only for that job. It cannot be spread over to another venture
Periodic submission of the project reports for the funding agency to keep a track of course and direction taken
If the funding is done by a government institution, chances are there that they might pay only half of the amount requested. It might also be done after the project is completed. In such a case the seeker will have to arrange for the required funds from elsewhere
Also, while submitting a proposal one has to make sure that they have covered all the points and have made a very convincing presentation. As there are others aiming at funds for similar work
There is a lot of support available out there. It is up to us to seek it in a right and effective manner.
Grants and Loans
The government regularly give out free business grants to those they believe have a sustainable future in today’s UK economy. Business grants are there to provide people to start up or expand their business, business ideas and products. As well as start up grants the government also give grants for those who wish to expand, after all the bigger your business turnover the more tax the government will earn from your business.
Young or old, if your business idea’s are viable and you qualify for the government grant then you should have no problem getting a grant. Specifically for younger people the Princes trust have been helping people for years as a youth charity.
A company called “Business Link” also have great advice and help on what to do should you wish to go ahead and claim a business grant.
Business Grants for minorities including Asian grants
Minority business grants and Asian business grants can be attend much on the same basis as if you were applying for a grant if not a minority or of Asian decent. That being said there are religious hurdles people must think about as many religions forbid the loaning of money/interest on money. This can be a problem for people such as Muslims. There are organisations out there that can deal with such problems such as the Phoenix Muslim Loan Fund. Funding is offered on an interest free basis, thereby complying with Sharia law requirements.
Other cultures and creeds can also benefit from governments grants such as the black community including black women. UK business grants has all the info for minority grants and standard government grants.