Business grants: the basics

The difference between grants and other forms of funding is that usually grants don't need to be paid back. This makes them very attractive to small businesses - although it's important to take into account how the time spent understanding the criteria and writing applications compares with other funding options.

Grant schemes are usually provided by government or other public bodies. Often they only cover only part of the total costs involved, and in this scenario, businesses will need to match the funding as required. Generally, if you keep to any conditions attached to the grant, you will not have to repay it or give up shares in your business.

Grant schemes usually align with a particular policy priority, e.g. to encourage economic activity in a sector or geographic area, or stimulate progress in something like sustainability or innovation. Therefore they are usually open for businesses of a particular size, in a specific sector or location and are usually only open for a limited amount of time.

If you are planning to start, grow, or diversify your business or you plan to invest in new equipment, sustainable process, or innovation, it is worth searching for grants that are currently available or contacting Business Gateway for advice.