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Find out about the different grants available for businesses in the UK

Many small business owners will tell you that their cash flow is a major problem at the moment. The economy isn't performing at its best and this makes breaking into the business world a major challenge. However, there is some support available to you. There are different grants for businesses in the UK that may be available to you.

Getting your hands on a grant is no easy process. You must apply to the government for small business grants through one of their bodies. Among the most important bodies are:

  • Department for Business, Innovation and Skills
  • Industrial Development Board
  • Scottish Executive

So what kind of grants might you be entitled to?

A direct grant is a cash award. You will receive this for activities such as training, employment and export development. You will be expected to have about 50% of the costs involved raised before this grant will be issued.

A repayable grant is a cash award that you will be required to pay back from future revenues. If your project fails, you will not be in any personal debt.

A soft loan is a special loan where the terms and conditions are more generous than a standard loan. For example, there might be a smaller interest rate or no interest rate at all.

There are bucket loads of information to be found about what grants are available for you online. Get in touch with your local authorities. You should also have a look at startups.co.uk and smallbusinesses.co.uk.

 

 

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