WHERE LOCAL BUSINESS GROWS

Using Grants to fund your business



Overview
 

A grant is a sum of money given to an individual or business for a specific project or purpose.

A grant usually covers only part of the total costs involved. However, as long as you keep to any conditions attached to the grant, you will not have to repay it or give up shares in your business.

Grants may be linked to business activity or a specific industry sector. Some grants are linked to geographic areas, eg those in need of economic regeneration.

The Process
 

Before you apply for a grant, you should ensure that you:

  • meet the conditions of the scheme
  • are ready to put up some of your own money
  • need the money for a specific purpose
  • don't start the project before you get an agreement in principle of funding
Making your proposal

When you have identified the right grant scheme for your needs, you will need to provide:
  • detailed project description
  • an explanation of the potential benefits of the project
  • a detailed work plan with full costings
  • details of your relevant experience and that of other key managers
  • completed application forms
You may also need to provide a business plan. There are a number of factors which could affect your eligibility for a grant:
  • the location of your business – some grants are given by local authorities or in areas of social deprivation or high unemployment
  • the size of your business – many grants are limited to businesses with fewer than 250 employees your industry sector
  • the purpose of the grant – grants are often awarded for a specific purpose, ie purchasing machinery, improving offices, increasing employment or developing markets

Pros and Cons
 

Pros

  • grants don’t have to be repaid and don’t count as debt
  • you don’t have to give up shares in your business

Cons
  • the application process can be time-consuming
  • there is a lot of competition
  • you may have to demonstrate progress of the project to the grant body
  • you may need to match funds, as grants do not usually cover the full cost of a project

Common Mistakes
 

Your application may be turned down if:

  • your area of research/work is not relevant to the body awarding the grant
  • you haven't explained how your research ideas will be put into action
  • your proposal or application makes statements that aren’t backed up with supporting facts
  • your research plan is unfocused and lacks clarity
  • you haven't communicated the impact of the work on the wider community and industry effectively
  • the information you have provided in the application is not up to date
  • you haven't clarified the importance of the funds to the project's success or failure
  • you can't prove that you have matched funds
  • you haven't proven your need for grant support
If your business is declined for a grant, you can ask for feedback on why the application was turned down to help with future applications.

If you can’t get a grant, it may be worth looking at other forms of finance.

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News

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Yorkshire businesses get behind £10k fundraising campaign

Tuesday 04 April 2017

As preparations for the charity football initiative ‘The Match 2017’ continue to gain momentum, the latest supporters to get on board are Huddersfield-based businesses Magic Rock Brewing and Lindley Financial Management. The inaugural event, which will take place on Saturday 20th May at The MBI Shay Stadium in Halifax, will bring together footballing amateurs and Huddersfield Town legends, in a game that will help to raise much needed funds for Yorkshire Air Ambulance. Both firms have dug deep for the cause, and have each donated £500 in return for becoming an official shirt sponsor. With a running cost of £12,000 per day for the two yellow helicopters to remain active, the organisation relies entirely on donations to continue saving lives. And now further support is required to keep The Match proceeds growing, and help this initiative reach its £10,000 target. Magic Rock Brewing was founded by brothers Richard and Jonny Burhouse and inspired by brewing traditions and the US craft beer scene in particular. The award-winning and ever-growing company produces an innovative range of idiosyncratic beers in their 4,000sqft Tap Room, close to the town centre. When approached via social media and asked to get behind The Match, Richard says there was never any doubt about getting involved: “We are a community focused business, keen to support local initiatives wherever possible. We are aware of the excellent work the air ambulance does for the region, and wanted to do our bit.” Regular charity supporters Lindley Financial Management also had no qualms about signing up to help the event. The independent financial advisers, based in Brighouse, also support Pilgrim Bandits Charity, aiding soldier amputees injured in Iraq and Afghanistan. Commenting on The Match, director Mark Learmont, said: “I hope as many people as possible attend on May 20th. Nobody knows when they may need the help of the Yorkshire Air Ambulance – supporting them is vital and their services must be applauded.” Organiser, and founder of grassroots football specialists Coaches Club, Dave Learmont, adds: “I am so thankful that two local businesses have gone the extra mile to raise awareness and proceeds for this fantastic charity. 100% of all funds donated will go to Yorkshire Air Ambulance, and these shirt sponsorships put us well on our way to hitting our huge target.” But the search for sponsors isn’t over, with the players themselves now looking for individual support. For only £150, companies will secure their name and details on the official match website, alongside their logo on the programme. The players and Town legends are also appealing for members of the public to get on board and buy tickets. Available at £10 for adults and £5 for children, the aim is to provide a fun, low cost day out for all the family. Pre-match and half-time entertainment – as well as a couple of extra special guests – will be revealed over the coming weeks. All tickets must be purchased before the game, via justgiving.com/teams/coaches-club. Further information and updates about The Match and player sponsorship can be found at The Coaches Club website, and on Twitter @cccmatch.
Posted by Scriba PR
Vizulate becomes Approved Supplier on Digital Enterprise scheme

Friday 10 March 2017

Vizulate Digital is delighted to announce that we have been named as an approved supplier on the Leeds City Region Digital Enterprise scheme, which allows eligible small and medium sized businesses across Yorkshire to ‘Invest in Digital’. Running until March 2019, the Digital Enterprise scheme aims to support the growth and development of SMEs in the region through investment in digital skills and technology. Eligible businesses will be able to apply for 40% funding towards the cost of digital projects including digital marketing, social media, web design and development, e-commerce and more – up to a maximum of £5,000. The Digital Growth Vouchers could also fund part of the cost of technology upgrades such as IT and telecoms and, if approved, the business will then only have to cover the remaining 60% of the cost. The Digital Enterprise scheme is a partnership programme which is partly funded by the European Union (European Regional Development Fund), the West Yorkshire Combined Authority/Leeds city region Local Enterprise Partnership (LEP) and the 9 local authorities which form part of the Leeds city region – Leeds, Calderdale, Kirklees, Bradford, Selby, Craven, Harrogate, York and Wakefield. As approved suppliers on the Digital Enterprise scheme with over 10 years’ experience we are able to offer the full range of digital services including: Website Design & Development E-Commerce Digital Marketing Social Media Search Engine Optimisation (SEO) Online Advertising (Google AdWords, Facebook Ads etc.) Video & Animation Integrated Digital Solutions Web Hosting & Email Through our trusted partners we can also provide IT and telecoms solutions. We believe digital marketing represents the single biggest opportunity for businesses to achieve growth.
Posted by Vizulate Digital
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Events Posted

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Business Hub Live - Innovation and Research & Development
Wednesday 24 May 2017, 08:30 - 10:30
Firth Street, Huddersfield, HD1 3BD
Free Entry - 50 places
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