Small Business Grants: Everything You Need to Know

Calling all you budding entrepreneurs out there! Did you know that getting your trade business off the ground could be simpler than you first thought, thanks to small business grants. These grants serve as a lifeline for aspiring tradespeople aiming to carve a niche in the challenging trade industry. 

Today, we’ll be taking a walk through the maze of business grants and how they relate to your line of work. You never know, there could be something in here that makes a lightbulb go off in your brain. Let’s get down to business and explore how grants can help kickstart your business!

Understanding What Small Business Grants Are

Let's break it down: small business grants are the golden ticket to fueling your entrepreneurial dreams without the weight of loans dragging you down. Imagine receiving a financial boost to kickstart your business endeavour, whether it's expanding your services, investing in top-notch equipment, or levelling up your skills. 

These grants, offered by the UK government, institutions, and local authorities, serve as catalysts for growth and innovation in the trade sector. Forget the misconception that grants are reserved for the elite - they're here to support hardworking individuals like you, ready to make your mark in the trade industry. 

So, whether you're an expert in your field or just starting out as a new business owner, it's time to tap into the wealth of opportunities awaiting you through small business grants.

Types of Small Business Grants

Right, enough with the basics, let’s have a look at what opportunities are available to you (our hardworking tradespeople) and explain how certain grants work in the UK:

• Government Grants: Think of these as the crown jewels of funding directly from the UK government. They cover a wide spectrum, from fostering innovation to promoting sustainability. With government grants, you can fuel your business plans by funding projects, buying quality equipment, or expanding your foothold into new markets. It's basically getting a financial helping hand from the highest office in the country!
• Sector-Specific Grants: Tailored specifically for certain industries, trades like construction, plumbing, and electrical work can all find grants that are the golden ticket to building their business in their respective industries. These are generally administered by trade organisations and are laser-focused on helping you level up your skills, fund apprenticeships, or invest in cutting-edge trade equipment. With sector-specific grants, you can stay ahead of the business curve and cement your position as a leader in your industry.
• Local Authority Grants: Depending on your locality, tradespeople can make use of various local authority grants aimed at boosting entrepreneurship and revitalising local economies. From business development funds to enterprise initiatives, your local councils hold the pursestrings to unlocking your business's full potential. These grants offer you room to grow, improve your service, build, and give back to the community, which is a win-win for your local council. 

With these grants at your disposal, the sky's the limit for tradespeople like you. Whether you are a bricklayer hoping to expand operations, a plumber investing in innovation, or a carpenter giving back to your local community, there's a grant out there with your name on it. So, take a moment to explore your options and seize the opportunities that are available to you! With the right funding in hand, there's no telling what you will achieve!

How To Ensure You Are Eligible

While the prospect of free funding may sound enticing, securing these grants can be difficult at times. Here’s what you need to do:

• Understand the Criteria: Start by carefully reading the eligibility criteria for each grant opportunity you wish to apply for. Pay close attention to requirements such as business size, what industry it caters for, and whether it’s available in your location.
• Prepare Your Documentation: Read exactly what the grant seeks from you and start gathering all the necessary documentation to support your application. This should include a business plan, financial statements, and proof of compliance with regulations relating to your line of work. Presenting a thorough and professional application will increase your chances of success tenfold!
• Showoff Your Trade Business: When seeking a grant, the provider will want to see that your business is viable and has potential. Clearly outline your trade business objectives, market research, and further ideas for a successful application.
• Appeal To The Grant Objectives: This may sound obvious, but ensure that you are applying and talking about the targeted points within the grant. If a grant is hoping to encourage local businesses to take on trade apprentices, show how you will use the funding to get your business ready for a new employee. Without keeping to the spec, you can kiss goodbye to any potential investment. 
• Seek Professional Guidance: If needed, think about visiting your local support workers, council officers, or citizens bureau for advice. The business advice on offer should be more than sufficient in helping you make an informed decision on what grants are available to you and how you can go about applying for them. 

These are just a few simple steps to follow when applying for a grant. Funding comes in all shapes and sizes, and each application will be unique. For small trade businesses, just keep on top of the application and try to keep things simple.

General Things To Keep In Mind

Running a trade business is tough, and we know it. Trade businesses are working harder than ever, and the industry shows no signs of slowing down. With this in mind, it’s worth taking the time to prepare your grant application and ensure you keep on top of any updates from the funding supplier. No matter how busy you are, please remember to:

• Be Prepared: Rushing into a grant application isn’t a great move! Without planning and researching, the fine print can significantly diminish your chances of being approved.
• Ignoring Eligibility Criteria: We all know the chancers in life, and failing to meet the specified eligibility criteria is a surefire way to get your grant application rejected!
• Lazy Documentation: It can be as basic as spelling mistakes or incomplete or poorly organised documentation. Please make sure that your documents reflect your business and its professionalism - it only increases your credibility.

How To Use Your Grant To The Fullest

Been accepted for your small business grant? Amazing! Let’s have a look at how to best spend your newfound small fortune and grow your trade business:

It’s worth tracking the impact of your grant on your trade business's performance. In fact, it may well be a condition of the grant, so don’t just take the money and run. Monitor key metrics such as your revenue, how many more customers are contacting you, and how busier you are compared to before receiving and spending your grant money.

Finally, it may be high time to engage with other grant recipients, industry professionals, and stakeholders in the trade industry so that your business can forge valuable partnerships, get insights into what may be coming next, and so you can explore potential collaboration opportunities.

Get Your Trade Insurance With Rhino Today

When it comes to growing your trade business, small business grants serve as a valuable resource in a financial landscape that is under severe pressure. By understanding the nuances of grants, you can easily boost your business and leverage all that comes with the financial side of your grant. 

For more information on everything trade insurance related, it’s best to contact one of our expert brokers on 0116 243 7904. Or, you can easily find what you need on our website here - read our blogs, get a quote in seconds - what more could you want?!