An established business is one that has obtained a reputation for a specific product, service, process, or platform. Most established companies will aim to continue to grow and develop their customer base within their particular industry.
Established businesses may require business funding grants to take their enterprise to the next level. The right funding package can enable the company to pursue growth, and further stand out from competitors. Even established organisations may not have the capital available to develop the next ground-breaking idea and may seek grant funding to assist in developing their project.
Criteria for business grant funding is strict, and the application process is highly competitive. A high quality grant funding application will always include:
- Full details of the project idea itself, and an expected budget.
- The amount of funding needed, and where that is expected to come from.
- A summary of current and relevant market research, as well as specific research on the project and its place within the industry.
- Copy of the company’s broader business plan and targets.
Alternatively, an established business may want to branch out; for example, setting up a new division. Most businesses seeking to grow in this way will need support, both financial and as a source of expert knowledge.
It is important to remember that grant funding is not just a source of cash flow and can be useful to:
- Access additional finance, including through match funding schemes.
- Support applications for loans (e.g. from Government initiatives) to create and safeguard jobs in the UK.
- Set up one-to-one coaching to help attract investment and increase sales.
- Pay for networking and partnership opportunities.
- Funding, technical and business expertise, networks and partnerships for business who are looking to develop products, services, processes or platforms.
- Advice on innovation for small and medium sized business (SME’s)
Business Grant Funding – Example
The Advanced Manufacturing Supply Chain Initiative runs a typical example of a grant funding scheme. This initiative provides loans and grant funding to support automotive and aerospace projects in the West Midlands and Liverpool.