How to get a business grant

• Aug 14, 2022
• |
• BestBizFinder

How do you get a work grant?

The most important things first; you will have to do some in-depth research and find the grant that best fits your business before you start submitting applications. Applying for a scheme for which you are not suitable or eligible will prove to be a waste of time.

You can find more about grant eligibility at the bottom of this page, and find help finding grants in our guides to where you can find business grants and the types of grant schemes available for startups and small businesses.

When you find a grant that you think your small business is eligible for, you can begin the long process of trying to win it. Here's how to apply for a work grant.

·       Comprehensive and up-to-date business plan.

·       A clear business plan, including a breakdown of what you plan to use the money for.

·       A good description of your company's business history - this will convince the awarding body that you will act responsibly with the financing.

·       An outline of how the donor organization will achieve its goals by giving you money.

·       Funds available to match the scholarship amount. Grants do not exist to fund 100% of your project, and many grant programs will require you to invest an equal amount in your own business.

Practical tips for applying for a work grant

There are a few things you can do to beat the competition and give yourself the best possible chance of winning your chosen scholarship. Here are the top tips...

1. Submit as soon as possible

The best time to apply for a grant is when it first opens: the donor body will still have the full funding to donate and there will be fewer companies familiar with it, which means competition won't be very strong.

Make sure you keep a constant eye on the space so you know when to get a relevant grant.

2. Make a personal contact at the donor before applying

This means that in case you have any issues or if your scholarship application doesn't seem to be progressing, you have someone to call who knows you, knows your business and can therefore provide personalized advice.

3. Consider hiring a grant advisor

A grant advisor can help you track down the grants that are most suitable for you, saving you hours of research, and will also have a better chance of connecting with the organization and following through on your application process.

This is especially useful if your application is submitted to a large institution that is difficult to contact, such as a European body.

On the flip side, working with consultants can be costly, so you'll need to weigh their cost against their benefit to you. Also be aware that some donors do not accept applications made through consultations.

4. Avoid making too much progress in business before applying

This may sound counterproductive, but the donor bodies have to see that you really need their help in achieving real traction.

Reassure them that there is no way you can move forward successfully without their help.

5. Pay close attention to the objectives of the scholarship

If a donor body wants to fund innovative solutions to the UK's technology skills gap, for example, highlight and emphasize how your business is doing it (only if it really is, of course).

Be clear about the benefits your business will bring to the grant's area of ​​interest, and explain that you need the money to achieve these specific goals (not that you need it to grow a profitable business).

6. Don't be dishonest

If you need to bend facts about your work to fit scholarship criteria, this is not the scholarship for you.

To get the business grant, how long does it take?

The most frustrating aspect of applying for the public money is how long the process can take. The general rule is that the more local the donor is, the more likely you are to get a result.

Applications to your local authority or a local enterprise partnership, for example, will likely be resolved within weeks or even days.

However, national organizations are more bureaucratic and can spend months coming to a decision. Likewise, European bodies may take several months to process your application.