Getting a government grant takes preparation. Getting an interest free, lump sum grant for your business can only be a good thing, and so this is something that all small businesses looking for finance should be aware of. However, you won’t be able to get hold of the cash without overcoming a few hurdles.
Chief among the obstacles is the sheer number of grants available in the UK – over 6,000. This number is intimidating, and can mean that finding the right grant grant for your business can be tricky. And, to make this worse, not all companies are aware of what’s out there.
Not only this, but application requirements vary wildly. They can range from just a couple of pages to hundreds. The necessary conditions are also becoming more stringent – this is clearly to do with the fact that there’s simply less money going round during economic downturns.
The stringent requirements are also affected by comparisons with new EU members in the eastern bloc – areas of the UK which would previously have been earmarked for funding by the EU, such as South Yorkshire and Cornwall, are now having this withdrawn as they appear richer in comparison to some new EU member states.
However, this doesn’t mean that the coffers are completely dry for UK businesses. The EU alone spends 375bn Euros on grants per year, so there’s still some money to be had whether from European funding bodies or the UK government.
If you’re looking for funding, then looking into grants is essential – however, with so many different sorts available with such different requirements, getting exactly what you need can often be hard. If your business issues invoices on the basis of 30, 60 or 90 days, then invoice finance is another funding option that you should look into – just like many of the government grants, it’s often not known about but could provide a real solution.