- A sum of money that is given to your business.
- The main aim is often to support economic development and regeneration.
- Grants are given by central and local government and the European Union, business support agencies and a number of other bodies. Social enterprises can sometimes get grants from charitable trusts.
- Each fund will have its own criteria that you will have to meet to be eligible to apply.
- The funder generally will ask you to meet particular goals or targets.
- The funder will monitor and evaluate how you have used the grant.
- Funding will usually relate to a specific project or purpose, for example investigating a new market, developing a new product or service.
- Grants are often less than 100%, so it’s likely you’ll have to put in some of your own money.
- May be paid in arrears.
- Don’t usually have to be paid back.
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