At a time when money is tight and resources are dwindling, it might be difficult for start-ups and small businesses to locate the funds they need to thrive and expand. It’s a disheartening situation for those that want to get and keep their businesses on the right track. But even in such times, there are still many institutions, organisations and individuals willing to finance small businesses, from banks to businesses, government bodies and the EU. Impossible? Not quite!
1. There are grants and funding opportunities out there
There might be grants you could qualify for that you never even knew about. Although you might think that having a small shop in a rural area would not be significant enough to secure grant funding, you could be an excellent candidate for a regeneration grant – the opportunities are out there, you just have to find them! For example, have you considered that funding programmes like the ‘Rural Shop Improvement Scheme’ exist? You might not know about the many grants and funding opportunities you could apply for, but dedicated funding websites provide a free searchable database of small business funding opportunities.
2. Don’t be afraid to apply
Although you might have heard that grants are difficult to secure, they are worth trying for. Nothing ventured, nothing gained. If you are passionate about your business and think you have a great reason to secure grant funding, you only need to translate your enthusiasm onto paper. Effort is required, but it might be more than worth it. Moreover, there are resources out there to help you write your grant funding applications, and review them. Free resources exist online to help you with your grant applications, like j4bGrants 10 Steps to Successful Grant Applications. There are also special services whereby funding professionals will take a critical look at your proposal and help you write the best possible application you could submit.
3. Stay positive
The fact that so many funding opportunities exist in the midst of a recession means you have as good a chance as any other business of getting the boost you need. Grant funding could provide you with amazing benefits, whether you are an established business or just starting out.
Searching for grants might be time-intensive, but luckily free resources exist to help busy business owners locate funding quicker and more effectively. j4bGrants.co.uk has been re-launched with a new-look website featuring thousands of opportunities for business funding. The site is completely free following registration, and allows you to search by business type, size or location, providing access to information that is constantly updated by a team of researchers who do the time-intensive searching for you. The opportunities are out there – you just have to find them!
Well, guess what. I have finally heard from the bank, after 3+ weeks. Inefficiency? Procrastination? Well, whatever it may be, the bank said no. At this point I could U-turn and get a job, a salary and pack it all in. But I KNOW there is something out there that will work, a stone that has been left unturned.
This is a hard knock on my fundraising effort. We have gone so far. Larger contracts have been placed and I can’t develop new products without the funding I was counting on. What next?
I spoke to my neighbour, a successful, experienced builder who is going through a difficult time at the moment. He said exactly the same thing. He needed bank support to make a new project a reality. The equity was there to secure the loan but the bank said they didn’t want to make him homeless- can you believe it? I’ve no words to explain my frustration.
I have been speaking with a couple of investors but they want to take their time and my time is now. How do I say “now”, not later? How?
I think you’ll agree with me that opting to run your own business means NOT settling for the easy option. There’s a huge degree of resilience required, which one needs to develop along the way to cope with the difficulties. As the bank said no to lending to the business, we moved on to (another!) personal loan.
Now it’s all about moving forward... due to a grant we got from the East Midlands Food and Drink iNet, we were able to have a PR agency work with us for a few months. This means we were able to write our first newsletter and we also sent loads of samples to magazines and newspapers. I've had my first interview with a glossy magazine which will hopefully mean that there will be more awareness for the products nationally. We’ve had interest from other national magazines, and a large food magazine is talking about writing a feature on us which would be fantastic.
You can find out more about Marcela on the new interactive business website www.inafishbowl.com