Pretty much every business needs an injection of cash at one point or another. The standard options for funding growth strategies and capital spending include taking out loans or other forms of finance, or seeking investment in exchange for an equity share in the company.
But if you are looking for some extra capital to fund your next big plan, it’s well worth looking into business grants. There are hundreds of grants available to businesses in the UK, many of them offered either directly by the government or funded by the government via various public bodies.
Grants are offered for a multitude of different purposes – there are more than 150 different grants listed for small businesses and start-ups alone. Another major area is grants for research and innovation projects, with an entire government agency, the Innovation Funding Service, dedicated to managing and distributing them.
As far as so-called direct grants are concerned, the big benefit is that you don’t have to pay anything back. The main stipulation is that the money has to be used for the purpose specified, and you might be asked to show evidence of this.
The main downside to grant funding is that the application process is often both very competitive and laborious. You can end up spending hours and hours on an application only to get turned down. And then face starting all over again on another one.
Few businesses have the capacity in-house to go through this process more than once or twice without the burden far outweighing the benefits. And yet there are plenty of benefits to be had. Giving up because of the administrative burden could mean missing out on opportunities to unlock growth and drive competitive advantage.
The solution? Outsource your grant-writing needs to a specialist who can take care of the heavy lifting for you. And, moreover, boost your chances of success.
Across the Xeinadin Group, our grant writing services are provided by experienced professionals with deep knowledge of the grant funding system and the know-how to craft winning applications. This level of skills and expertise allows us to transform grant funding from a long shot and a chore into a winning strategy. In particular, we can help your business in three ways:
- Advising on which grants to apply for: One of the first hurdles businesses face when considering grant funding is sifting through the options available. There are so many grants around that just identifying the best fit for your needs can feel like a big task. Also, many business owners end up turning to loans and investor finance without knowing there are grants they could be eligible for.
- Managing the application process: Having an internal member of your team spend hours on a grant bid can add up to a considerable cost when you add lost productivity elsewhere on top of wages. Outsourcing grant writing often works out more cost-effective because we can complete projects faster, and you do not need to take people away from core operations.
- Boosting approvals: Successfully securing grants starts with picking the right ones to apply for based on eligibility criteria. But it also depends on building a strong case with a compelling, professionally written application that ticks all the requirements. Our grant writing specialists will work directly with you to understand your business and your needs and match them to the grant criteria in a compelling fashion.
To find out more, contact us today.