Business Grants
Discussion
Does anyone on here have any experience of applying for business grants? Looking to get something off the ground but may need a little input (anything really) that could help me push forward with trying to generate some capital to get started.
I live in Watford, Hertfordshire if it helps. Have had a look and am looking to make some phonecalls come Monday to get some better information, but advice here is always welcome.
Use of grant specifically as I don't do loans, nor am I in a position currently to take one due to personal circumstances.
Thanks in advance chaps.
I live in Watford, Hertfordshire if it helps. Have had a look and am looking to make some phonecalls come Monday to get some better information, but advice here is always welcome.
Use of grant specifically as I don't do loans, nor am I in a position currently to take one due to personal circumstances.
Thanks in advance chaps.
Your starting point should be Hertfordshire County Councils' economic development service. They will signpost you to the grants that are available and may even have some themselves. You could have a look here: https://www.gov.uk/business-finance-support
And also here: https://ukinnovationhub.ukri.org
But.....and sorry to burst your bubble.....there will be nothing that provides you start-up capital outside of a loan.
There are grants for certain tech start-ups but these start at £0.5m and to qualify for this level of funding you will have had to have invested at least this amount in pre-start up costs yourself.
There may be some match-funding grants (you spend £20k of your own money, you get £20k grant money) and some soft-cost type support (services not cash).
Either way, I'm afraid you have to make peace with the fact that to get your idea off the ground, you need to take the initial financial risk on your own. There are Angel Investors and the like but unless you're taking the majority risk, then whatever you're doing will not be yours until that risk has been paid down. But, 10% of something is better than 100% of nothing.
If by some chance you do find something, read very carefully the requirements and caveats. 'Free money' will always come with strings attached and those strings usually relate to benchmarking , performance reporting and the like which, if you don't have the capacity to accommodate, can lead to all manner of headaches. Grants are rarely just money for cashflow. They tend to be for specific things; machinery, staff, R&D, etc. If you get one and spend it on something else, you'll be legally obliged to repay the amount given..... and they do check.
Avoiding loans is no bad thing. However, the inability to get one may hinder your endeavours. You need to get your credit score up because even opening a simple bank account with a poor credit score can be awkward (it's awkward even with a good score!).
But let none of that stop you going for it.
HTH and good luck.
And also here: https://ukinnovationhub.ukri.org
But.....and sorry to burst your bubble.....there will be nothing that provides you start-up capital outside of a loan.
There are grants for certain tech start-ups but these start at £0.5m and to qualify for this level of funding you will have had to have invested at least this amount in pre-start up costs yourself.
There may be some match-funding grants (you spend £20k of your own money, you get £20k grant money) and some soft-cost type support (services not cash).
Either way, I'm afraid you have to make peace with the fact that to get your idea off the ground, you need to take the initial financial risk on your own. There are Angel Investors and the like but unless you're taking the majority risk, then whatever you're doing will not be yours until that risk has been paid down. But, 10% of something is better than 100% of nothing.
If by some chance you do find something, read very carefully the requirements and caveats. 'Free money' will always come with strings attached and those strings usually relate to benchmarking , performance reporting and the like which, if you don't have the capacity to accommodate, can lead to all manner of headaches. Grants are rarely just money for cashflow. They tend to be for specific things; machinery, staff, R&D, etc. If you get one and spend it on something else, you'll be legally obliged to repay the amount given..... and they do check.
Avoiding loans is no bad thing. However, the inability to get one may hinder your endeavours. You need to get your credit score up because even opening a simple bank account with a poor credit score can be awkward (it's awkward even with a good score!).
But let none of that stop you going for it.
HTH and good luck.
Edited by StevieBee on Sunday 15th October 09:28
Thank you Stevie. Apologies for late response as I've been somewhat under the weather over the last few days.
I'll definitely have a look into the offerings. I wish I could just get a loan and crack on, but hands are tied and so is my pocket. Anything is better than nothing, rightly said.
I'll try giving a few places a call over the coming days to see what they offer.
Much obliged for your input.
I'll definitely have a look into the offerings. I wish I could just get a loan and crack on, but hands are tied and so is my pocket. Anything is better than nothing, rightly said.
I'll try giving a few places a call over the coming days to see what they offer.
Much obliged for your input.
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