For many business owners, finding financial backing to allow them to pursue ideas, training or expansion is a necessity. Not many businesses have sufficient cash sitting in the bank to be able to pursue bigger research projects or take on more staff without assistance. Fortunately, there are all kinds of business grants available in the UK, which do not need to be paid back.
What are grants given for?
Many grants are specific to a certain sector, for example, energy. Often, the grants will be available for businesses looking to advance in some way, often in terms of innovation: can your business perform some research to develop a new way of doing things, or employ staff to work on a new project?
With an increased focus on climate change across businesses, there are also many different grants available which are awarded to businesses that are trying to make their practice more sustainable and reduce their carbon footprint, as this focus is at the forefront of government plans, according to GOV.UK.
What are the main advantages of a business grant?
It goes without saying that not having to repay the money is the largest advantage of a business grant. It allows business owners to keep control of their business and not share equity with funders. There are no loan repayments to make either.
If you feel that applying for a business grant is a little overwhelming or you need expert assistance to commence the application process, consider seeking advice from business accountants Stroud, such as https://www.hazlewoods.co.uk/expertise/business-accountants/stroud, who can offer tailored support according to your needs.
It is worth doing your research online to find out the details of grants that are available and how to apply. Do note that many are industry-specific. As you would expect, applications for grants can be competitive, with many businesses applying for the same grants, but don’t let this put you off. As long as you have robust, innovative plans for your business, it is likely you will be successful in obtaining a grant to further your plans.
