Business Loan Grant

By: EconomyWatch Content   Date: 30 December 2009

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If you have exhausted all your loan options from traditional sources like banks, small business loan grant can help you get back on more solid financial ground again. 

Business Loan Grant: Government Grants

 

For government grants, you need to apply for grants through your local council. You can even apply for multiple grants. The three main factors that influence your eligibility for government grants are:

·        Location: If your business is based in an area that is undergoing significant development, you are more likely to get funding for your start-up.

·        Size: Generally grants are available to only start-ups. Getting a grant as an established business is almost impossible.

·        Sector: Grantsl depend on the industry your business falls in. Some industries are more favoured and you should do your research beforehand.

 

Common Business Loan Grant Options

There are many Community Development Finance Initiatives (CDFI) programs in the UK that provide loans to individuals and businesses. Grants vary depending on region and the type of business. The advantage is that there is no credit checking. All types of businesses ranging from sole proprietorship to large organizations can apply.

 

R&D grants are available to businesses that deal with cutting-edge technological development and emerging technologies. The amount you are eligible for will depend on the size of your business and the projects you are undertaking. Grants are available for projects worth between £5,000 and £500,000 and cover a percentage of the total cost of project.

 

The Prince’s Trust is yet another form of grant available to individuals between 18 and 30 years of age who are unemployed or work fewer than 16 hours a week. In addition to training programs¸ this grant provides funding up to £4,000. The repayment scheme requires you to hand over £20 for the first six months, with the remainder to be paid over a period of two to five years.

Business Loan Grant: Carbon Trust

 

If your business has a beneficial environmental aspect, According to the Carbon Trust, you can get a grant if you are looking to cut down business overheads using an eco-friendly and energy-efficient approach, you are entitled to zero percent interest rate grants between £3,000 and £400,000. You can repay the loan over a four year period.

 


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