It is estimated that over £125m a year that is available in grant aid that is simply not claimed. Business grants are not the easiest of financial support to obtain for your business, but they are a source you could explore as your franchise’s location or unique needs could make it eligible. Funding your franchise with your own personal finance resources may be possible, but grant aid can lessen the personal burden you have to take on in order to start up your business.
The financial news is constantly awash with new start-up finance products, but the finance news mask the often complex application system that puts many business off even applying for the grant aid they may well secure.
Grants are supplied by a wide-range of organisations. These include central and local government. The European Union, charitable organisations and development agencies. It’s important to look closely at your business to identify which components of your franchise may be suitable for grant aid.
Grants and Support Directory online was operated by Business Link until its closure in 2012 and enables you to search for over two thousand grants currently available. Two other well-established grant directories are GRANTnet and j4b Grants.
Types of Grant
As with personal finance products, grants tend to be grouped together into sectors that include:
Training
You or anyone your business employs that needs training could attract a grant. Skills Funding Agency or Education and Skills Funding Agency is a good place to start your search for a suitable grant. The new In Our Hands initiative could also be a source of grant aid.
Innovation and Research and Development
If your franchise business is technology based, you could apply for a grant to carry out R&D. There is a government grant specifically for this purpose. You should check the GOV.UK website for current grant application procedures. You can locate yours via their website. If your franchise is based in Scotland, Wales or Northern Ireland you should contact your local government website about the SMART grant scheme.
In addition the EU Framework Programme could be a source of technology related grant funding. Also the EUREKA network could be a source of partners who may invest in your new franchise business.
Employment
As the government is motivated to develop employment opportunities, your business could benefit from grants that are available if you employ a New Deal job seeker. More information is available at your local Jobcentre Plus.
Your situation may be slightly different. ask a question below ↓ and our editorial team will reply with our advice.
Regional
If your franchise is in a designated area of the UK, your franchise may be suitable for an economic regeneration grant. Your business must be in an assisted area to qualify. You can get more information about this scheme from the Department for Business, Innovation and Skills (BIS) or its successor department.
Grants Checklist
Locating and applying for a grant can be time consuming exercise. Use the checklist below to ensure you have the best chance of securing the grant you’re looking for.
If you don’t know a grant exists, you can’t apply for it. The number of available grants changes almost daily. Try and get into the habit of checking the main small business grant databases to ensure your business applies for any grant that is suitable as soon as it become available.
Grants come in all shapes and sizes, but you must match the grant to your small business need as many grants have very strict application rules.
It a fatal mistake to start a project before you have actually secured the grant for your small business. The financial news pages are filled with businesses that committed resources to a project only to have their grant fall through.
The grant procedure is very complex with a corresponding amount of paperwork and forms to complete. It is vital that you complete these forms correctly. Take advice where you are not sure as using incorrect information could mean your application is rejected.
The grant application procedure can take an incredibly long time complete. Don’t delay with submitting your forms and any supporting documentation. The sooner you get your application in the better.
Don’t forget that your application for any grants is in competition with all the other applications the grant body will receive. It’s your job to show that your small business deserves to be awarded the grant. Think about who the grant body is. Ask yourself what they are looking for in the grant applications they receive.
i would like to learn more about the grants available for business startups and the criteria, please
I am a frontline worker buy currently off due to being unwell an disabled. So need to work from home. I have seen so many business franchise opportunities that I would be great at an would love to do. But do not have the money to put down. Would i be eligible for a grant?
I have worked and am still working in that industry for the last 5 years , the area iam looking at to open in has no other franchise around it so the market size would by fairly large, is there any grant aid out there to help, as I have no working capital to invest.
Thanks in advance
Know I found franchise cleaning business which I'm really interesting. The start up cost is £20,000 can I get help please
I have 3 existing territories with good profits and turnover to purchase.
If interested let me know.
Finance is a hard when starting your own business. The franchise is a good and safe way to go. If it is a proven model. With support you can prosper and banks support franchise companies.
I would like to know about how I can get a grant.
Regards
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