There are two main types of SBIC grants available: equity funding and debt financing. Equity funding is when the government gives money directly to the company. Debt finance is where the government lends money to the company, which then uses the funds to pay back the loan with interest.
You can find out more about how to apply for a grant by visiting the government's website. They will give you details about what type of grant you need and how much you should expect to receive. When looking into each grant, check the eligibility criteria before applying. If you applied for a grant that your business was not eligible for and you received that grant, you may be later investigated by HMRC. This investigation will risk the operation of your business, or worst yet, you as a director.
Many directors have been banned recently for receiving the support they were not eligible for, such as bounce-back loans. To avoid this stressful situation, work hand-in-hand with your accountant to find the right grant for your business. You can start right now by exploring the options in this link. Continue reading this article to find out more about our crowdfunding services for small businesses.
There's usually a plethora of documents that you need to include within your application. Although different grants may ask for different documents, these are the common documents that you need in your application.
You would need a detailed business plan, a detailed budget, and written history, mission, vision, and project details for your business to apply for most business grants. Your accountant can provide you with all the budget and income statements you need as well as support with other documents.
If you run a small business, then there is a good chance you will qualify for one of these grants. However, not every company qualifies for business grant schemes. You need to check whether you meet the criteria for each scheme before applying to avoid being audited by HMRC.
Reach out if you are thinking about applying for business grants. We know that surviving the current economy is challenging for a small business, but we want you to know that you have options. Your list of options becomes accessible once you take the first step and get in touch! We want to see you thrive. Since 2022 is coming to an end and 2023 is right around the corner, now is the perfect time to seriously address ways that can save your business. If you want to get in touch regarding applying for business grants, please do get in touch by clicking on the Contact Us button at the end of the page and filling out the form.
