Obtaining extra funding can be a lifeline for businesses and their projects. However, finding and applying for grants can be a challenging process to navigate. DSA Prospect Director, Nigel Benton discusses the government's online funding tool and how it can simplify the grant application process for businesses.
Despite the fact that grant spending accounts for approximately 23% of the total government expenditure and there are over 1,900 government grants available, locating and qualifying for government grants can be a daunting task for entrepreneurs who are already pressed for time as a result of running their businesses. As a result, missed deadlines and undiscovered grant opportunities are common.
With the launch of the full 'Find a Grant' service in March 2023, small businesses can now have a more streamlined and efficient process of finding funding opportunities. The service saves businesses time and effort in searching through the numerous government grants available.
Here's what you need to know about the 'Find a Grant' online service:
- Where can I find government grants?
- What is the eligibility criteria for using the 'Find a Grant' service?
- How does the 'Find a Grant' service work?
- How can I access the 'Find a Grant' online service?
Where can I find government grants for my business?
The UK government has introduced the 'Find a Grant' service, a free online tool that simplifies the process of searching and applying for government grants.
This service is designed to provide a centralised resource for individuals and organisations to find and access available grants and funding options. By outlining all government business support in one place, the 'Find a Grant' platform makes it easier for businesses to locate the appropriate funding for their project needs.
What is the eligibility criteria for using the 'Find a Grant' service?
Every business, regardless of industry, size or stage of growth, can benefit from the 'Find a Grant' service - even charitable organisations and individuals seeking funding assistance are welcome to use the tool.
The service offers a range of financial assistance options for various needs, including grants for innovative projects, training or equipment. Businesses involved in research and development activities may find this service useful, as several of the current grants focus on innovation and technology.
How does the ‘Find a Grant’ service work?
The first step for businesses seeking government grants is to identify which grants they are eligible for. The UK government offers a range of grants, including those for research and development, exports, innovation, and more.
Searching for government grants
With the 'Find a Grant' service, businesses can easily search and filter through available grants by location, funding amount, eligibility, and grant type making it easy to collate a list of possible grants and find the ideal funding source for their project needs.
There is also the option to browse all grants.
Government grant details
After conducting a search, businesses will receive a concise summary of each grant that meets their criteria, including essential application details such as:
| The location of the grant | The total size of the grant scheme |
| The amount of funding available | Application open and closing dates |
| Who is eligible to apply: personal/individual, public sector, private sector, non-profit | |
Before applying for any government grant, businesses should thoroughly review the eligibility criteria to ensure that they meet the requirements. The criteria may include:
- Your intended use of the funds
- The size and location of your business or organisation
- Industry sector
Applying for government grants
After identifying the most suitable grant, businesses can move forward with the application process and take the first step towards securing the funding they need.
The application process for government grants is not one-size-fits-all. Some grants require a written application, while others may need a detailed business plan. It is crucial for businesses to take the time to understand the process and gather all the necessary information to maximise their chances of success.
How can I access the 'Find a Grant' online service?
To access the 'Find a Grant' online service, simply visit the UK government's website and navigate to the business finance and support section. Keep in mind that the tool is regularly updated, and new grants may be added in the future, so it's worth checking back periodically to see if any new opportunities have arisen that could benefit your business.
How can DSA Prospect help?
Securing additional funding for your business is a vital step towards growth and success. However, navigating the complex world of financing options and grant applications can be overwhelming for many entrepreneurs.
While government grants are a great option, it’s important to remember that they are not the only source of funding available. With our extensive knowledge and experience in the field, we can guide businesses through the various options available and help them access the finance they need to take their operations to the next level.
Ready to achieve your business goals? Contact us today.
This blog was updated on: 24/04/2023
This blog was originally published on: 11/05/2022
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