It's a great place to bring clients because it's accessible & it allows us space to expand next to like-minded firms.
Myths Surrounding Grants
There is an estimated £1Billion in grant funding available to UK businesses every year. Funding can cover all aspects of business development, research and development, capital expenditure, environmental improvements etc.
Like most things there are a lot of misconceptions about grant funding – here’s a few of them:
Myth: I’m too small, only large companies get grants
Reality: Many grant schemes are targeted specifically at Small & Medium sized companies (SME’s)
Myth: Grant money is free money.
Reality: Funding has to be matched from company resources or ‘in kind’. KPIs have to be met.
Myth: Grants can help your cashflow.
Reality: Grants assist growth not day to day finances.
Myth: You have to be profitable to get a grant.
Reality: No, but you have to have a viable business plan. Start-ups can apply for grants.
Myth: Grant funding is easy to get.
Reality: Most grant programmes run on a competitive basis. The best projects get funded.
Myth: Only certain geographic areas are supported.
Reality: Some schemes have geographic restrictions, but most are not location dependent.
Myth: I tried once and failed – my company is not grant fundable.
Reality: If your project fits the grant programme you should apply or re-apply.
Myth: A grant will pay 100% of my project costs.
Reality: 100% is rare. Average is anywhere from 25% to 50%, occasionally higher.
Things You Didn’t Know About Grants
Grant funding can bring huge PR benefits. HMRC may fund your R&D project retrospectively by way of Tax Credits.
All stages of project development can attract funding from ‘Blue Sky’ to ‘Market Intro.’
Grant programmes can be both ‘bottom up’[your project] and ‘top down’[a call for projects].
Grants are available at Local, Regional, National and European level.
Grants provide a cash contribution to project costs and are not normally repayable.
PNO Consultants are Europe’s leading independent grants consultancy firm. We operate with over 400 employees from 28 offices across 12 European countries, with our UK office in Wilmslow (Cheshire).
To understand how grant funding can help you to achieve your company objectives call us for a free initial discussion.
Mark Holt, Consultant, PNO Consultants, Dunham House, Brooke Court, Lower Meadow Road, Wilmslow, Cheshire, SK9 3ND
Tel. +44(0)161 488 3488 Fax.+44(0)161 488 3489
