Business Grants in the UK
Many people, all over the world in fact, face the problem of trying to start a business. It is a classic dilemma: you have an idea to make money, but you need money in order to start the business. It's a classic "Catch-22" scenario. So, that is where a government business grant can come into play. As it happens, the United Kingdom is one of the very best places on Earth to either start or expand a small company.
The good news about business grants from the government is that there are lots of them out there. The bad news: you have to seek them out and apply; they do not come looking for you. There are close to two dozen different business grants in the UK. So, let's look at just a few of them. First, there's the direct grant, where a program will give you some funds to pay part of the costs for training, product development etc. Now, that's a key point: part of the costs. It's rare for a grant to completely cover the costs of some aspect of your business, but it will at least cover a portion.
Then there are grants that are much like a small business loan. The difference is, if your business fails, you do not have to repay the money. And then there are real business loans; they are called soft loans because the terms and conditions are very generous. The interest rate is usually quite low, some are even interest free. Next, you can get what is known as equity financing. With this type of grant, you don't pay the grantor back in cash, but in shares in your company. In this case, the grantor looks at your business as an investment; they believe you have the potential to grow your company into something profitable, and that will mean that the shares they own will increase in value.
Sometimes, business grants in the UK aren't about money at all; they have to do with skills. After all, many new businesses often lack knowledge or skills in a particular area: marketing, promotions etc. So, some grant programs have come to recognize this, and they offer free (or greatly reduced) advice on those critical subjects. Then there's the issue of resources. For some small business owners, it's not that they don't know what they're doing; it's that they don't have the physical materials or maybe a factory / store to develop their product or service. So, some grants are made of up raw materials, office equipment etc. Going hand in hand with this type of grant is the transfer of technology. Very often, new and innovative inventions or processes are created by large corporations or government labs. In the U.S., NASA was responsible for incredible breakthroughs in fuel cells, computers etc. So, sometimes large corporations or governments will share these new developments with some small companies as a means of both helping they to get started, and to disseminate the technology.
Then there is the issue of not new technology, but merely the best way of doing something. As an example, a dozen people will have a different way of laying bricks. Yet, one of them might do it the best and most efficient way. Over time, that way will become the industry standard. This is also known as "Best Practices", and some companies will share these with start-up firms to help them operate in the most efficient means possible.
John McLean is a Business Development Executive with Locate in Kent. Locate in Kent has helped more than 440 companies relocate to or expand in Kent. The company's free, confidential corporate relocation service includes information about business grants, sites and commercial property in Kent and Medway.
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