Tips and Advice on How to Apply for a Grant

By: Jennifer Lowe - Updated: 25 Sep 2021 | *Discuss

 

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Securing funding for your new, or small, business is very important and getting the application right will play a big part in whether you are accepted.When you apply for a grant or a loan, you tend to do it through an organisation such as a bank or institution, but the information you are required to supply will be pretty much the same regardless.

The first thing you will need to ensure is that you meet the criteria outlined by the organisation for the grant or loan in question.

Many organisations require you to provide an explanation of what the grant money will be used for. This is often referred to as a project proposal, and will outline everything, including the project's aims and a time scale as to when you will achieve them.

The one thing that these organisations are looking for is a well planned business model, which will be shown through a good business plan. It is important that this is readily available to them during the application process as a way of proving that your business is one worthy of their funding.

Dotting and Crossing

This would require you attending a personal interview where you will talk through your business plan, your targets and overall business objectives.

If you have chosen to apply to the Small Firms Loan Guarantee scheme then the process is slightly different, even though the application is made to a lender.With this process you don't need to supply a project proposal, although you will need a business plan.

Grants provided by the Small Firms Loan Guarantee scheme offer security on 75 per cent of the loan. However, you must bear in mind that the decision as to whether to lend to you, or not, comes from the lender as it is them who are providing the remaining 25 per cent.

There is a wide range of qualifying criteria that you will need to be aware of when applying for funding through the scheme. Eligibility is generally restricted to businesses that have been operating for less than five years and those with a turn over of less than £5.6 million per year.

If you have adverse credit you can still apply for a Small Firms Loan Guarantee, however, lenders will check that any outstanding issues have been satisfied and that your business is financially healthy and provides suitable means of repayment.

When the time comes to actually apply to the scheme for funding it is important that you check what is being offered. Most of the major high-street business banks, such as Barclays, Lloyds TSB, the Royal Bank of Scotland and HSBC, offer access to the scheme.

There are around 23 high street business banks and commercial lenders that will lend money as part of this scheme and the best way to get the best deal is to shop around.

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