The Government's Role in Business Grants in the UK

If you are looking for business grants to help you start, refurbish, or relocate your business in the UK, your first step should be to research what is available for business grants in the areas you need like start up or relocating to another area. If you have a business you want to relocate to the UK from another country you may need to see if there are any business grants for such a project available.

A business grant is money that usually pays a part of the expenses you will incur in a move, or setting up a business. You don't have to repay this or give shares in your business. Various places are available to look into for grants: the Government, European Union, Regional development agencies, small business corporations and others in the private sector as well. These grants can be associated with certain businesses, or a geographical location, especially areas in need of economic boosts from new industry.

The Government

The Government helps with grants to businesses and they assist with networking and advice on getting set up and applying for the grants you qualify for as a business. There is a lot of competition for business grants through the Government, so the guidelines and qualifications are exacting. If you meet the criteria then you can apply and hope you are selected for the grant.
Government business grants are usually for projected development of projects that haven't been started yet. Generally the terms and conditions of the grant will allow you to keep the grant unless you break the agreement you have. Then you will have to pay the grant back.

Matching Funds

Most business grants from the Government also mean you have to get matching funds from another source like a loan or funds from other businesses who are investing in the project. Grants are never 100% of the amount needed; you need to show your own participation and come up with some of the capital needed to invest in the relocation.

Sources for Business Grants

There are several sources for business grants in the UK, such as the Government, regional development agencies, Chambers of Commerce, county enterprise boards and even some colleges have business grants. You have to research by the type of business you have and what your plans are for it before you can apply for a grant. Know what you are talking about before going into the entities you are applying to obtain a business grant from. Any office you are going to see is going to want a precise plan of action right down to approximate dates and the profit projections.

Business grants may take some time to get approved too; it all depends on the timetable of the office you have applied to and how many they are looking at. Not everyone can get approved because there is a limited amount of grant money available. One good tip is having your matching money already in a place where you can show you already have that part of the funding. Be organized and able to answer any questions that might be asked of you, including your personal background. The office you apply through is going to do a background check before they ask you anything so you have to be honest in your answers. The criteria vary for places you can apply but they will all want to make sure they are dealing with an up front person who is honest in their conviction to the project and will fulfill the agreement and terms of the grant. With a bit of luck and some determination, you should be getting your project off the ground in no time.

Author: John J Mclean
Article Source: EzineArticles.com
Provided by: Excise Tax

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