It is estimated the total value of support schemes available to UK business is £5 billion per year.
According to experts, it’s not just government grants that are not being taken advantage of but financial support from advisory, guidance and information services too.
The issue has been highlighted by North West accountancy firm, Hurst which has seen an increase in demand from businesses seeking alternative sources of funding and advice on grant applications.
Helen Besant-Roberts, partner at Hurst said:
“Lots of grants are set aside for specific business types for example IT, construction and creative media. There are also lots of grants available for innovation and research as well as to help new businesses to grow. Some funding is aimed at business owners to help develop skills, but they often find that looking at the different schemes awarded by many different awarding bodies can be daunting at first.
“Even if you know what funding to apply for, you need to make sure you apply for it in the right way. I work with a lot of charities and businesses who feel they are often wasting valuable time filling in grant application forms incorrectly and need guidance in getting the most out of the application process.”
Helen, who specialises in providing compliance and advisory services added:
“Typically you can get business grants and other awards for anything from £500 to £1 million and you might be able to apply for multiple schemes or grants. There are also a lot of interest free loans available for capital investment, particularly in energy efficient assets. The application process for different types of funding can vary greatly and some are more onerous than others. Before applying for a grant, loan or award, you should prepare a business plan with forecasts outlining how much money is needed, what it is needed for, and the benefits that will be obtained. We would always recommend that you get advice before making an application.”
Jan O’Connor, manager at Wood Street Mission, a charity that provides help to families in the Manchester and Salford area said:
“As a charity there are several funding options available but it’s easy to get bogged down in the rigorous application processes. We need to secure funding to cover all our costs so it can be immensely frustrating having to invest so much time and effort completing complex forms rather than doing hands on work for the charity.”
The government provides a number of financial products for helping small and medium businesses, including Grants for Business Investment and Research & Development, the Enterprise Finance Guarantee Scheme, and small loans. In addition, there are many other organisations that offer funding for certain types of business investment and growth.
Examples of funding available for charities include awards from charitable foundations, such as the Lloyds TSB Foundation, Awards for All, the Hedley Foundation, plus grants from organisations such as the Big Lottery and Futurebuilders.
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