The often-unexplored benefits of grant funding

Grants provided by the national Government, local authorities and not-for-profit organisations, can be a fantastic way of giving your business the financial boost it needs.

However, many businesses fail to take advantage of the money that is available through grants and miss opportunities for growth.

We have helped dozens of companies to access funding that they didn’t know was available or didn’t think they were eligible for. Here are some of the often-unexplored benefits of grant funding:

Grants are non-repayable

Unlike a loan or other forms of finance, grants do not have to be repaid. There is no interest to pay and often receipt of a grant only requires you to meet certain criteria.

For the organisations offering grants, the benefit is not in repayment but the support that the grant provides to local businesses and the economy.

That is why most eligibility criteria are connected to fulfilling a policy or public interest requirement. This means they are often linked to improving the environment, local community resources or providing new opportunities to workers or other companies.

There are hundreds of grants out there

Business owners often assume that they won’t be eligible for a grant or that there is nothing suited to their company and its plans.

However, according to official grant statistics, £118 billion was allocated to grant spending across 1,915 schemes by the Government alone in 2019-2020.

On top of this, additional funding may be available through not-for-profit organisations or connected groups, such as Local Enterprise Partnerships.

As long as you meet the right criteria, you can apply for as many grants as you want, with some companies getting funding from multiple funds each year.

Added credibility  

Being able to successfully acquire grant funding is no small feat. The Government and other grant giving organisations will often require businesses to demonstrate that they are financially healthy and meet current regulations.

As such, obtaining a grant can add a great degree of credibility to a company and can even be a driver for obtaining new customers and work.

We often find that obtaining one grant can also help businesses access more grants in future, as they can demonstrate that they have met strict criteria and used funding effectively.

Want to learn more about grant funding?

At Moore Thompson, we know there is a world of difference between applying for grants and securing them. With our expert advice, we can help you to bridge that gap.

Our support of local businesses has resulted in many successful application and grant awards, so get in touch today to find out how we can help you.