Your business may qualify for a grant or government support to help you get started.The main advantage of grants is cheap financing. For example, you might get a subsidised or zero-interest loan, or even an outright cash grant. In addition, support schemes can provide expert advice, information or subsidised consultancy.
However there are drawbacks:there is strong competition for grant schemes you must meet the scheme's criteria - such as business location and size, and how you plan to use the money ,he application procedure can be complex and drawn out ,you normally have to use the grant for a specific project, rather than general business costs ,grants usually only cover a percentage of the costs - you also have to provide matching funds.
The government provides three Solutions for Business products that might help you finance getting your business started.The Enterprise Finance Guarantee helps businesses that would not normally qualify to get a loan. See our guide on loans and overdrafts.Small Loans for Business offers loans of up to £50,000 to small to medium sized businesses that have viable business plans but have been refused bank finance.
Finance for Business offers flexible finance solutions such as loans and equity finance for businesses with viable business plans that are unable to get support from commercial banks and investors.To find out if you are eligible for these Solutions for Business products contact your local Business Link on.Solutions for Business is only available in England. Government support for business is different in Scotland, Wales and Northern Ireland.
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