How to Find Out if You’re Eligible for Local Grant Funding

There are so many businesses out there that have benefited from local grant funding. This is not only a great way to get some early stage capital into your enterprise but it comes with far fewer strings attached than debt or an equity investor might. There are lots of different types of grant funding available today and local grant funding is based on where your business is – so how do you know if you’re eligible?

What are Local Grants For?

Local grant funding is a type of financial reward that can be received from local government, foundations and organisations. It is intended to provide support for small businesses in a specific area and to help with resources. If you’re keen to find out whether you’re eligible for local grant funding, these are some of the reasons why a grant might be awarded:

• To a brand new enterprise to help with the costs of setting up the business, whether that’s getting specific permits and licences or investing in marketing materials.
• To help an existing organisation expand. Grant funding could provide the resources to help take your business to the next level. That could be to cover the costs of staff, for example, or new equipment.
• Where you’re looking to make improvements to your business. Enterprises grow and change all the time, which is why there is local grant funding available to help tackle this. Businesses that are keen to improve the physical space of the business – for example, a storefront – are likely to be eligible.
• Eco considerations and reducing emissions. There is plenty of investment being made in helping the UK reach green targets today, including when it comes to providing better support to local businesses. That’s why local grant funding is available for streamlining existing processes, for example, as well as to install energy saving options for the business, whether that’s solar panels or eco devices.
• To support research and development. This is often a process that is costly for any enterprise – but which will hold back eventual outcomes until it is complete. There is local grant funding available for a wide range of research and development, especially for innovative projects. One of the major eligibility criteria is that the research and development leads to new products and services.
• Strengthening ties with the community. Local businesses are a vital part of the local community, which is why governments and organisations will often invest in those projects that are designed to deliver community outreach. If your enterprise is pioneering a community outreach program that will benefit the local community then there is a good chance that it will be eligible for local grant funding of some description.

If you’re going to apply for funding then it’s important to ensure that your project is eligible and falls into one of the categories above. You’ll then need to spend time creating a compelling proposal, gathering required documentation and ensuring that you get the application in within the designated timeline.

Discover Your Grant Funding Potential

If you’re unsure about your eligibility for local grant funding, our comprehensive grant eligibility checker can provide clarity. For further information regarding grant funding, or if you’d like to discuss your options, get in touch with SPRK Capital today.