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A Guide to Grants for Small Business Owners

Depend on the town you set up your business you could be entitled to a variety of grants, loans or other funding incentives. Local authorities are normally interested in a few specific business sectors and are willing to allocate funds to new businesses in that sector, provided the business has the ability to boost local economy. Grants for small business owners can be available on a local, regional or national basis, so it's well worth having a look on online databases and newsletters to find funding.

 

Government Grants

Normal government grants for small business owners must be applied to through you local council. The funding you receive will vary depending on the amount of finance available, but your application will normally depend on three major factors:

  • Location: As previously mentioned, location plays a big part in how much funding you receive. If an area is undergoing regeneration, for example, they are likely to provide start-up grants to attract businesses to their area.
  • Size: Generally, grants for small business industries or start-up organisations are more available than grants for large corporations. As long as you fit into the small business category, or are a start-up company, you should be able to receive a good amount of funding.
  • Sector: Again, the sector your business operates in will largely influence what grants you receive. An area which primarily operates in the tourism or creative industries, for example, is likely to provide funding for this sector.

 

Community Development Funding Initiatives (CDFI)

CDFI grants for small business owners are another ideal way to secure finance. They offer grants to viable businesses in need of financial assistance and there are 60 operating throughout the country, so there's likely to be a denomination that operates near your area.

 

Other Grants

Other grants for small business industries could include the Prince's Trust, mainly for young entrepenaurs, R&D grants provided by governments for research and development businesses in need of new equipment/technology or the Carbon Trust, aimed at most small businesses (not exclusively start-up) who want to cut energy costs.

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