Small business grants: Where to find them and how to apply

Do you need cash to start up or grow? Grants are designed to support small businesses, from incentivising investment to supporting high street shops.

Winning a grant can make a big impact. However, it can be difficult to know what grants to apply for and how to approach the process.

This blog post will help you identify grant funding opportunities and improve your chances of being successful.

How to identify funding opportunities

You need to find a match between the activities your business carries out and the intention of the grants that are available.

Start by stripping everything back to the core challenge you address, advises About Tomorrow founder Melissa Wusaty:

“Having absolute clarity on what your business is trying to achieve and what the grant will enable is incredibly important.

“Being challenge orientated is a really smart way to move forward. What is the challenge that you're trying to solve?”

Let’s look at a couple of examples to see the kind of impact that grants aim to have:

• UnLtd – Funding Futures Programme: Funds 16-30 year-olds developing “solutions to help those sidelined by the financial system”.

• The National Lottery Community Fund – People and Places: Grants for organisations supporting Welsh communities.

There are also lots of grants that aim to encourage specific types of entrepreneurial activity. That includes founders from specific regions, ethnicities, genders or age:

• Bristol City Council – Vacant commercial property grant scheme: Grants to help you start trading on specific high streets in the city.

• BEO and Sky – F100 Growth Fund: An opportunity for Black entrepreneurs to pitch for up to £15,000 in funding and business support.

Do your research

Once you have thought through the types of grants that could be relevant to you, it’s time to start your search.

1. Find grants relevant to your business

We have created a detailed list of the 17 key organisations that provide grant funding. It’s a great place to start your search and identify potential funding.

Asking fellow business owners in your local area is another way to find opportunities. Enterprise Nation's local meet-ups provide a chance to meet small business owners.

2. Check whether you meet their criteria

Grant applications take time and it’s a competitive process – you need to make sure they are a good fit.

The first step is to make sure you fit the basic application criteria, which includes details like how long you’ve been trading and your location.

Then look at the application itself. If there are elements you can’t answer or think of a good example for, it’s a good indication the grant isn’t a good fit.

Melissa stresses that it’s important there’s a strong match with the funder:

“It’s really important to understand what the funder is looking for and what their objectives are in terms of supplying that grant. Understanding their specific mission, priorities and criteria is the starting point.”

Most grants will provide detailed information on these points. There also can be opportunities to attend webinars or have a call with the awarding body to find out more.

3. Create a shortlist and prioritise your time

Once you have a list of potential grants you need to prioritise – what do you have the best chance of winning and what’s going to have the biggest impact?

That might mean setting yourself a target of applying for a certain number of grants a year or to help fund a particular project.

Melisa adds that taking a “scattergun approach” is a mistake, instead advising founders to work with the provider:

“I think trying to find a way of building a relationship with the people that are providing the grant is really underestimated.”

That can include going to events they host or taking part in office hours when you can speak with them.

Understand the grant conditions

It's really important to understand how funding is provided. Some schemes pay you the grant in full. Some are match-funded, which means you have to match a proportion of the money. Some are combined with loans.

There are also schemes that grant you funding to spend on something specific, such as help from a business consultant.

Make sure you read every question in the application carefully. Answer questions concisely and in exactly the way the scheme wants. If there's a word limit, stick to it.

One of the most important questions is why you want the grant and what you'll spend it on. So, think carefully about what you want to say. You might need to provide a cash flow forecast, profit and loss statement and a budget.

Take note of any extra information that the awarding body is requesting, such as a business plan and other details about your company. Equally, don't provide lots of information that isn't asked for.

Get help from an expert

There are various experts who can help you find a grant and put your application together. For a small grant, you can probably do the application yourself but if you're applying for a large amount of money, a specialist could be useful.

You can find finance experts on Enterprise Nation to help you with grants. If you're a member, you can book a free taster session.

Learn from rejected applications

If your grant application is rejected, don't be disheartened, but take away the lessons you've learned.

If the scheme offers feedback on your application, be sure to take it and apply what they say to your next application.

Many schemes ask for similar information too, so keep hold of everything you submitted so you can use it again.

Be prepared to meet the reporting requirements

Larger grants tend to have reporting requirements, says Melissa.

“There is a spectrum in terms of how involved the grant provider will be and what they expect from the process.”

You may need to talk to someone from the organisation offering the funding regularly and supply proof of what the money’s being spent on.

Related resources about getting grants

Do you want to continue your learning journey? These resources will help you learn more about getting grants.

• Small business grants: 17 organisations that can provide you with funding (Enterprise Nation article)

• Small business funding: How to choose the right type for you (Enterprise Nation article)

• Unlocking grant opportunities for your small business (Enterprise Nation webinar)

You can also book free discovery calls with the Enterprise Nation advisers mentioned in this article:

• Melissa Wusaty: “We work with our clients to build and deliver radically simple and impactful strategies that are grounded in insight and have razor sharp focus.”

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