How to get a grant
- 1 Identify the potential projects you plan to undertake which might attract a grant: for example, training, innovation, relocation or job creation.
- 2 Contact sources of information on grants you might qualify for: for example, your local Business Link, your trade association and grants websites.
- 3 Make sure you have funds available to invest in the project; grants typically only cover 15 to 50 per cent of the costs of any project.
- 4 For large projects and grants, consider using a consultant; negotiate their responsibilities and fees carefully.
- 5 Identify the key constraints of potential grants: how much funding you will need to provide and what the project must achieve (eg new jobs).
- 6 Contact the administrator of appropriate schemes for guidance on what funds are available, whether you might qualify and how to apply.
- 7 Assess whether it is worth applying consider your chances of success, the time and effort of the application, and when you might get the grant.
- 8 Establish timescales; check whether undertaking any preliminary work on the project will adversely affect your chances of receiving a grant.
- 9 Submit an application, typically including a project description and plan, how it matches the scheme's objectives, and costings.
- 10 For some schemes, be prepared to submit a more detailed application if you get preliminary approval.
- 11 Sell your project: emphasise the project's benefits, why you need the grant, and how your background and expertise will make it a success.
- 12 Wait for the decision.
- 13 Check any conditions the grant provider imposes: for example, targets you must reach before payments are made, how the money can be spent and what records you must keep.
- 14 Check the payment schedule and plan your cashflow and financing to cope with any payments made in arrears.
- identify planned projects which might qualify
- get preliminary information on relevant schemes
- assess your chances of success before investing in the application process
- prepare a detailed project plan and costings
- explain how your project meets the scheme's objectives
- take on unsuitable projects just because a grant is available
- underestimate the delay in obtaining support from some schemes
- ignore the need to plan project cashflow