The Ultimate Guide For Government Funding For Small Business

Small business owners and startup entrepreneurs is what drives the UK economy. Small businesses country wide create job, and they help the overall GDP (which ultimately helps us all). This forces the UK  governments to give back and support entrepreneurship though various government funding schemes and initiatives. To help create an understanding about government funding, and how it benefits small business owners across the UK, we’ve created the ultimate guide for government funding for small business owners in which we outline all about it.

What is government funding?

While the UK government believes that they make it very clear as to what government funding really is; they don’t! Thus many people, or small business owners are left completely unaware of government funding opportunities or are so misguided and misinformed that they rather not know about government funding.

That being said, the UK government doesn’t mislead people intentionally with this information – it’s just that they are simply overwhelmed with the information available and only focus on certain funding schemes which are more known and are able to support more entrepreneurs. And from this problem; many smaller third party information providers, funding consultants and financial assistance groups are born to provide assistance to needing entrepreneurs.

So what exactly is government funding?  Government funding refers to the assistance provided by the various government agencies across the country who strive to help small business owners and entrepreneurs achieve their entrepreneurial goals and find success. The financial assistance provided by these government agencies not only comes in the form of financial assistance but it can also be guidance, mentorships and support. Keep on reading to learn the different types of government funding schemes and how or if they can benefit your small business.

The misconceptions of government funding

When it comes to what people do know about government funding, you’d be shocked to hear (or maybe you fit right in with the rest). But you can’t blame the people for having these misconceptions about the government funding, it’s just that there isn’t much available in terms of educating people on what government funding really is, who it’s for and how to get it – probably why we wrote the ultimate guide on government funding, to help you understand.

After dealing with thousands of people (many startups and many existing business owners), here is what we’ve gathered to give you a better understanding of the misconceptions on government funding:

Government funding doesn’t exist.
Government funding is a lie.
Government funding is a scam.
There is no government funding, they said no to me!
I got denied funding, what a rip-off!!!
The government only helps refugees and immigrants.
If government funding was available why don’t get give it to me.

While some people to chose to believe what they want, a large percentage believe it only because a) somebody told them so, b) they read it somewhere or c) they experienced it. But  how true are these “misconceptions”. Are they really misconceptions or is there some truth to them? Read on to find out.

Additional misconceptions we’ve heard include:

Government funding is free money that you never have to pay back!
If you get government funding you can use it for whatever you like.
I deserves government funding because I pay taxes.
Everybody can get government funding.

As you can see, the believe surrounding the idea of government funding varies from person to person and the misconceptions spread faster then the truth!

So let’s answer these misconceptions together, one by one:

Government funding doesn’t exist:
There are in fact nearly 700 different government funding schemes available that provide government funding in various forms to small business owners. These funding schemes are handed out by the various funding industries across the UK. This misconception was most likely born from a person who believed there was funding available for them, and found of they didn’t qualify – thus the misconception of “no funding exists” came to life.

Government funding is a lie:
Despite what people may believe, the government agencies are very well regulated and they simply will not lie. The same people who believe government funding is a lie most likely did not apply for funding; did not have any experience even think about it and probably heard from somebody else. Before you join in on this misconception, ask yourself – what exactly about government funding is a lie?

Government funding is a scam/I got denied funding, what a rip-off:
The misconception on government funding is born from no other then the people who have applied for government funding and been denied for a number of factors. Yes there are factors a small business owner must meet in order to become eligible and obtain funding. So why a scam? Well put yourself in the shoes of the person applying – they have a “great business idea”, or so they think so, they create a professional business plan, “or so they think so”, they do the funding application and send it in on time – only to hear back a month later “no, you’ve been denied”. The first though, “wow what a scam”. What if “the scam”, was actually you not meeting the criteria and simply not being eligible.

There is no government funding, they said no to me:
This misconception is actually a pretty big one that we hear about all of the time. Like most people, when somebody talks about government funding, they think the UK government. And yes, they are not wrong. However the UK government is actually formed of many different levels of government. You have the local, regional and the national- and at times (especially with business funding, not all governments know what the others are doing). This is the case also when it comes to there being nearly 700 different government funding schemes. People simply don’t know and they apply one scheme (which for whatever reason they didn’t qualify for or were denied), they believe that the government said no. But remember, that is just one scheme out of so many.

The government only helps refugees and immigrants:
While it is true that there are a lot of success stories of government funding being provided to immigrants or refugees (on the news and all), but financial support from the government doesn’t always mean “small business funding”. Not all government money comes out of the same pocket. There are funding agencies that support refugees, there are some that support students, others support women, some support immigrants..etc Knowing your way around is critical, but believing a misconception before you try to get funding is just not right.

If government funding was available why don’t get give it to me:
Even though the government hands out billions of pounds in funding to small business owners all across the country it doesn’t meant hat they will just give it to you. Who are you? How does the government know that you need funding? Have you applied for funding? Have you created a business plan and done all the necessary requirements needed to be met to be eligible? There are a thousand small business owners applying for government funding each and every day – so the various government agencies are selecting the best candidates to give the money to (based on a number of factors).

I deserves government funding because I pay taxes:
We all deserve government funding because we pay taxes; but sadly it doesn’t work that way. Government funding has very little to do with your taxes (other then that it’s a source of money from which they provide the funding to everyone). The various government funding agencies provide their funding to those business owners who invest their time and effort into their business and those businesses that can ultimately give back to the economy to create additional funding. And at times even if you do fit into that category, it doesn’t mean you will be funded – as there are many different factors. Just because you work hard on your business idea, doesn’t mean it it will a success. It’s not any different with government funding and the fact that you pay taxes.

Government funding is free money that you never have to pay back/If you get government funding you can use it for whatever you like:
This misconception isn’t a negative one towards the idea of government funding, but it is in fact wrong. If you are successful at obtaining government funding for your business, you applied to a specific scheme with specific scheme requirements. One of these requirements is to provide the reason why you need funding such as hiring staff, purchase of tools and equipment, cash flow..etc; if you deviate from that when you actually get the funding – you are actually breaking the rule of that scheme and you may be asked to pay the money back. The funds you obtain must be used for the exact purpose you applied for. In regards to government funding being free money that never has to be paid back, this depends on the funding type and the actual scheme itself. There are certain funding schemes that are non repayable government grants, but before you decide you’re not giving anything back – be sure to read the materials provided by each funding agency.

Everybody can get government funding:
Before you can apply and obtain government funding in the UK there are certain conditions that you have to meet. There are general conditions such as the fact that you must have a registered business license at the time of your application; you must be a British citizen. Each scheme may have different criteria that you have to meet but generally speaking having a business plan completed, having a good credit score and applying to the correct place at the right time is how you can get funded.

Moving away from the misconceptions, let’s get into the reason why the UK government actually gives money away so that you can have a more in-depth understanding of how government funding works.

The UK government supports entrepreneurship though the various funding schemes. One of the main reasons why they do this is to ensure a stable and growing economy that creates jobs, that helps the real estate market grow, that keeps the country happy and the fact that UK is one of the top places in the world to live in.

To simplify the idea of government funding and how it works, take a look at this quick example:

As a British citizen you pay your taxes and contribute to the UK economy. The same government takes your tax money and does’t multiple things with your money in order to build roads, create better health schemes , provide better education..etc A percentage of your tax money goes into different funding schemes for building small businesses up. These small businesses use the money to create more “UK revenue” and ultimately help create more jobs. The more jobs that are created as a result of the “government funding”, the more taxes are collected back to the government for additional investments opportunities and future business development and economy growth. It’s the life cycle!

Can you benefit from government funding?

If you have a small business or are thinking of starting a business of your own, chances are that you could use the government funding assistance in order to get a head start. While not everybody is eligible for government funding, and some that are eligible may not necessarily be able to use or be able to benefit from it; it’s important to know how you could benefit, if you are eligible:

What is government funding available for?

When looking at the various government funding agencies and the funding which they provide to small business owners, the type of assistance varies. However generally speaking the available government funding schemes provide business owners with funding that can be used towards the following:

1. To cover startup costs
2. To help you expand your business
3. To help pay for staff
4. To help you train employees
5. To help you pay for tools and equipment
6. To help you pay for leasehold improvements
7. To help you for research and development
8. To help you pay for marketing and advertising
9. To help you improve your cash flow
and much more

Each situation from each and every single business owner may be different, so the various government agencies provide different types of financial support and alternative assistance to help you succeed though the various available funding scheme types.

The various funding schemes types available from the multiple government agencies across the UK include:

1. Government Grants
2. Government Loans
3. Tax Breaks and Tax Credits
4. Wage Support
5. Consulting and Mentorships

To get into more detail on each type of government funding scheme continue and read on:

Government Grants: government grants or also known as awards, contributions, “funding”, “free money”, bursaries..etc is funding provided by the government or various government agencies in order to help fund various activities your business may be in need of. Often referred to as free money because the general belief is that government grants is money provided to individual and business owners which doesn’t have to be paid back, thus making government grants the prefer choice among funding searchers.

Government Loans: government loans are exactly as they sound, loans – however they are provided by the government and not by individual banks. The government however often has it’s own funding schemes which hand out the loans, but in many case the government agencies that provide the loans often team up with the big banks in order to provide the loan to the end consumer (you and your small business).

So is a government grant or a government loan better for your small business?

Government grants, even though referred to as free money, or non repayable money (meaning you don’t have to pay it back) is a very lose term. There are many different types of government grants and before you jump and decide that a government grant is the perfect solution for your small business; note the different types of government grants available:

• Non repayable government grants
• Partially repayable government grants
• Conditionally repayable government grants
• Partial contributions

The non repayable government grants are the very best types of grants a small business can obtain. Why? Simple. A non repayable government grant does not have to be paid back. Which means that it is free money provided by the government for your small business.

What are the cons?

Non repayable government grants are extremely difficult to get, and not because they are not available, but because there are so few and the funding purposes that they are made for are limited. And yet, millions of funding pounds are handed out each year to help small business owners with these non repayable government grants.

There are also partially repayable government grants. These grants are only partially repayable as the name suggests. Let’s take for example a grant of £$10,000. It’s possible that the government asks you only to pay back a percentage of the grant (such as 25% of the grant). So technically it’s a combination of a government grant and a government loan – but you still keep 75% of the grant without having to pay back. It’s also important to note that each funding scheme that offers this type of grant may have different set of terms to abide by.

Next we have conditionally repayable government grants. These are grant that are repayable, like a loan, however they have specific conditions as to when the money has to be paid back, how much has to be paid back and all of the specifics of the grant. The conditionally repayable grants are usually negotiable, so as the small business owner applying to a funding scheme of such nature, be ready to negotiate and set your terms (realistic terms).

Last type of government grant we are going to discuss is a partial contribution. This is another very good type of grant for a small business to obtain, however it does require a little bit of money on your behalf initially. For example, as a small business owner you may be able to get a partial contribution of £50,000 from a government agency (money you don’t have to pay back), but with the condition that you put in a percentage of your own money or match the government deposit. The different government agencies may have different terms, so be sure to read those before you apply.

Now that you know a little bit about government grants, lets discuss government loans.

Government loans are a easy way to get your small business funded and started. There are many different types of government loans that you as a small business owner may be able to obtain. Let’s take a look at some of those:

• Low interest government loan
• No interest government loan
• Government guaranteed loan

A low interest government loan is often one  of the most provided government loans that small business owners across the UK obtain. Majority of the loans provided by the government agencies are low interest government loans. These government loans come with much better terms then a bank loan would.

Another type of loan is the no interest government loan. No different then a low interest loan, but with specific terms as to the percentage of the interest or term of no interest.  Many small businesses who are successful at obtaining this type of loan end up obtaining it with no interest for the first year of business, at which point the loan matures and interest rates (industry standard) will kick in.

The last type of government loan we are going to cover is a guaranteed government loan. Not to be confused with the idea that you are guaranteed a loan (no matter what), instead a guaranteed government loan is the principal that the government or the specific government agency will act as a co-signer on your loan from the bank. Sort of like having your parent co-sign your first car because you didn’t have good enough credit or enough money. By doing this, you agree to the terms of the bank plus the terms of the funding agency, but at the same time the funding agency takes on the risk of having to pay your loan shall you not be able to make payments.

So what is better, a government grant or a government loan?

Most of the time as a small business looking for funding you don’t really get to chose if you want to get a grant or a loan, instead you apply for what is available and what you can get. That’s not to say that you shouldn’t only want a grant, or only want a loan – but many times funding depends on a number of factors such as your location, industry and funding needs; and once you break it down by these factors the schemes that are left is what you may be able to apply to (it can be grants or loans).

Many small business owners opt for only grants and are often denied as it’s less likely to obtain in comparison to a loan. There are far less grants then loans, and in the end it’s a numbers game. So when you are applying for funding, be sure to apply for all available funding schemes that may be right for you.

Tax Breaks or Tax Credits : This type of funding is often not immediately seen by the business seeking the assistant as it often comes after the tax year is up; or is “credit type of situation” for expense that your small business may incur as it operates.

Wage Subsidies : Wage subsidy schemes are often seen as grants because a typical wage subsidy scheme provides your small business with money which does not have to be paid back; but instead is used as a contribution towards the business to help you hire employees – or even pay yourself at the early stages of business startup.

Consulting and Mentorships : Not all help offered by the various government funding agencies is financial support. At times there are schemes that may be able to help you start your business, teach you how to perform certain tasks your business requires; may assist you in developing your business plan, or may direct you to a consultant provided by the government agency to guide you along.

What is the Government Funding Problem?

With so many misconceptions and so many people not knowing about government funding options, there has to be a problem. So what exactly is that problem?

The general problem is that the the UK is humongous, and not only is land size but in the size of the government. Think about it, there isn’t just one government. There are many smaller governments (local, provincial and federal). So when we are talking about the various funding schemes available, who can even categorize all that’s available.

Think of the UK government as a company. For example purposes let’s say Company A (Grocery Store). Company A has many different departments (let’s treat those departments are funding agencies).  As a customer; you walk into a Company A store and you say “Hi there, can you tell me where the tooth picks are”, but you are in the electronics section. The guy working there says “ummm I think it’s in the kitchen section”, so you go there and look around and can’t find it; you see another person there and ask them, their reply is “Try in the grocery section”, so you go there across the entire store and you look and still can’t find it, and now you are fed up, you start to wonder, do toothpicks even exist in this store; until you see help and you ask one more time…”Excuse me, where are the tooth picks”; and the guy replies…”I’m sorry they are all out”, so now you are really pissed of you and you’re about to leave until you walk by and you see toothpicks right beside paper plates, cups, napkins..etc – they lied to you!

So now let’s translate that into government funding schemes- what does it mean? Company A has 10 – 20 departments, but the government of the UK has nearly a 700 different funding schemes from many different funding agencies. The help at Company A and being bounced from section to section is similar to you calling the various government offices asking what’s available. In the Company A example, it’s relatively small and most employees will know an approximate area where something is – but when it comes to government funding, chances are the only people that know about a specific scheme is those people working within the scheme.

The problem really is that unless you know where to search for funding; your chances of finding the right scheme are very small. The government again doesn’t do this on purpose; but because of it’s size it’s just difficult for every single person to know every single scheme.   So you are left to figure it out on your own.

And the guy who lied to you in Company A, simply didn’t care to look. This you can translate to your local government office; as we get thousands of users coming to us every single month with the exact same line: “Government funding doesn’t exist….I called my local government office and they told me so”. Yet, thousands of business owners are funded each year and billions of pounds are handed out…Hmm?

Where and how does one search for funding?

The search process, or the reason why we created this quick little funding search guide for our audience is because the search process for government funding is extremely complicated. Here’s why:

1. The government funding schemes are not all offered by “the UK government”, but are offered through multiple levels of the government
2. The funding comes from hundreds of different funding agencies
3. There are location (city, region) specific funding schemes
4. There are industry specific funding schemes
5. There are funding requirement specific funding schemes
6. Majority of the funding schemes aren’t promoted (or extremely hard to find)
7. The information available on funding schemes is limited
8. The information available on funding schemes is scattered all over the place
9. It is very time consuming to research and find government funding schemes
10. You probably have better things to do…

As you can see, we aren’t lying. If you’d like to try it out for yourself, we suggest 1) visit the various government sites to find the information you need, 2) if you find a funding scheme, try to find the application criteria and see if you understand how to apply…if you are successful, we applaud you. However since the above list of 10 issues when it comes to searching for funding stands in your way, it is often beneficial to get a little bit of help.

After all, focusing on your small business and ensuring that the rest of the steps are taken to ensure successful startup or expansion is key. Don’t waste your time doing the research and trying to figure our where to find the right scheme, instead take advantage of sources that are available to you, that have already done the work and are here to present you with the right schemes, the right criteria, leaving you with 2 main responsibilities, to complete your business plan and to apply for funding.

Remember when searching for funding, start with your location first. As many funding agencies are location specific, be sure to search for schemes or scheme agencies that only focus on your target area. This will narrow your search from thousands, to hundreds. The next step is to cut that number down further to the more specific scheme that only fund the industry or industries you may be in may be targeting with your small business. Step closer to success by narrowing your funding search even further and focus on funding schemes or funding agencies that fund business owners with specific needs such as marketing/advertising, improving cash flow, purchasing tools/equipment, hiring/training staff..etc. This will take you to a few schemes which you may be eligible for.

The next step is to apply.

One thing that the government of the UK warns individuals is to stay away from websites selling government funding information, as it is free information that you shouldn’t be paying for. There are some exclusions to that, for example consultants, grant writers and funding experts. They will not only find the schemes for you, but will help you apply. However, they are usually pretty expensive, ranging anywhere between £1,000 to £3,000+, and not to mention that they often seek a percentage of the total money awarded.

So is it a scam? If you do your research right, and if the consulting firm/grant writer or the funding experts are able to provide you significant documentation that they are able to do  what they ask, it’s not a scam – however it is pretty expensive. And still be sure to remember that no matter who applies for you (you, a funding expert, a consultant, lawyer, accountant or a dog), there are no guarantees of any funding. Only the government, or that funding agency is able to give the Yes or the No to you being funded. So be sure to keep that in mind.

The do’s and don’ts of applying for government funding

Applying for government funding for your small business in the UK doesn’t have to be difficult, nor scary. It can be a simple process just like applying for a credit card, line of credit or a car loan at a bank. As long as you have the details that you require, you are confident and know what you want – it can be that simple.

The difficult part of applying for government funding is knowing what you need to be able to apply.

Those that are successful in applying and obtaining government funding such as a grant or a government backed load follow a easy to understand do’s and don’ts list. Those who fail and are denied government funding often do it because of the mistakes made on their behalf. Some of these mistakes you may be able to see in our DON’TS section below.

So what exactly are some of the DO’s and DON’TS of applying for government funding

• Do have a registered business before you apply to any government funding scheme
• Do understand government funding and the difference between a government grant and a government loan
• Do understand that time is needed to apply (and wait time is needed to get approved if eligible)
• Do ensure that you’ve completed your business plan before you apply for funding
• Do know how much funding you need (and be able to break it down per purpose)
• Do know what you need the government funding for (this ties in to the point above)
• Do consider all funding scheme options (equipment purchase, marketing/advertising, cash flow, hiring, training..etc)
• Do have a scheme specific cover letter prepared with your business plan
• Do apply to only relevant funding scheme (by location, by industry and by funding need)
• Do apply to more than one funding scheme
• Do re-apply if denied first time (check agency response and re-apply at an appropriate time)

The DO’s are pretty easy to understand. To summarize, ensure you have your business registered before you apply any scheme (but that shouldn’t stop you from searching and knowing what’s available before hand). Have a business plan ready and understand how much funding you need, what you need it for and apply only to what is relevant to not waste any time. Speaking of time, allow some time to create the application and to apply, as well as consider the wait time per approval process.

• Don’t try and apply to any government funding scheme until you’ve registered your small business
• Don’t apply to any government funding scheme until you have a business plan ready
• Don’t just apply to any available funding scheme
• Don’t apply to all available schemes
• Don’t apply to funding schemes unless you know what you need funding for
• Don’t be willing to accept any funding (any amount and any purpose)
• Don’t ask for too much funding
• Don’t ask for too little funding
• Don’t wait last minute to apply for government funding
• Don’t apply past the deadline for the scheme
• Don’t give up if you are denied funding to a certain scheme

Funding doesn’t have to be difficult at all. You have a clear list of the do’s and the don’ts and all you have to do is follow it.

If you already have a small business and are in need of government funding, start your search for funding right now. It’s possible that there is funding available for you and you could be missing the deadlines as you ready this. Consider our Funding Database to see the options your small business may have.  If you are still thinking about starting a business, doing a search right now to see what possible funding schemes may exist before you go for it might be a good idea.

How to apply for government funding the right way

In the early stages of a small business startup it’s critical to obtain the funding necessary to take your small business through the key startup stages and eventuality through to the launch. This article will explain the process of government funding and what the right way is to apply for government funding.

While there are nearly a thousand government funding schemes, your small business if eligible for any funding may only be successful at obtaining funding from a handful of those schemes. Don’t let this discourage you from applying to government funding, but let it be a lesson that you as a small business owner, when applying for funding have to be extra careful to ensure that you meet all of the criterias, complete all of the requirements and properly fill out a funding application. Otherwise you may simply be slapped with a big ol “denied” stamp.

Before we get into the right way of applying for government funding schemes for your small business, note that there are a number of factors that can determine if your small business may be eligible or not to receive any funding. These factors include, but are not limited to:

• Your Location
• Your Industry
• Your Funding Needs (hiring, training, purchase of tools, R&D, advertising…etc)
• Funding Amounts
• Your Business Plan
• Your Credit Score
• Time of Year
• Funding Scheme Deadline
• and more…

It is important to know that not all small business owners are eligible for funding from the government, but in order to get started and get an idea of what it possible and how your small business may take advantage, we suggest you try our the Small Business Startup Assessment Tool on our website. After answering a few questions, you will be displayed a number of schemes available an potential funding amounts.  Again, this is just a basic idea of what may be available, but once you start digging deeper and looking at the specific criteria of each funding scheme, you may find different results.

When you apply for government funding, is imperative that you know funding doesn’t happen over night. In fact the average small business owner (on their own) spends between 4 to 5 weeks researching available funding schemes before they actually find the few schemes which they can apply for. With professional help, and those who use our Funding Database, we’ve seen that 4 to 5 week period decrease to a few days – simply because we have all of the funding schemes organized in one place for you to search through.

Once you find the funding schemes that may be right for you, applying to these funding schemes may take you between a few days to a few weeks – depending on the funding agency requirements and what you have prepared as of the time you start. Most schemes require you to have a business plan in order to apply, and if you don’t have one, a business plan may take a few weeks to create.

After successfully applying and sending your funding application off for review, the funding agencies may take between 30 days to well over a year to reply with a response. We here at UKStartups have seen small business owners receive a response in as little as 2 weeks while some have been 6 months to a year later.

The lesson here is that applying for government funding from start to finish may take anywhere between a month to 6 months, so be sure to get started sooner.

So how do you apply for government funding the right way?

Step 1: Prepare your business plan

In order to be successful at applying for government funding, your first order of business should be to prepare a business plan for your small business. A properly developed business plan will prepare you for anything in small business, especially the financial side. If you’re looking to apply for funding for your small business it’s important to know how much funding you need, when you need the funding, what you need it for – as well to prepare yourself for the worst case if you’re not able to obtain the funding.

Your business plan’s financial projections should be able to tell you exactly what you need funding for (at what stage), for what and how much.

To create a business plan, you can outsource and hire a professional writer who can do it for you. However the cost of something like this, depending on your industry can be between £1,500 to £3,000, which is a big expense when starting up. Alternatively you can write it yourself, or use tools such as our Business Plan Builder Tool to create your own professional business plan. At which point you can also use our business plan experts to review your plan at no charge once you’re a member.

Step 2: Research the schemes

Once you’ve developed your business plan, you should have a better idea of how much money you need and what you need it for. This makes it much easier for you to search for government funding schemes and to apply for funding. Most small business owners in the startup stage require funding for the following:

• Starting up costs
• Hiring of employees
• Training staff
• To purchase tools and equipment
• To pay for research and development
• To pay for marketing and advertising
• To improve cash flow

Tip #1: Don’t just apply to any funding schemes because it’s available. Apply only to those that meet the 3 top criteria (location,  industry, funding needs), plus ensure you meet the requirements.

Tip #2: If a funding scheme has a maximum funding amount, don’t ask for that much. Try to break down how much you need into smaller amounts. Once you’re accepted and funded by a scheme once, it’s a lot easier to go back in and try again.

Tip #3: Not all schemes fund all purposes. Be sure to break down your needs and review the scheme criteria.

The reason why the government has so many different funding schemes is because there are so many different funding agencies across the UK. Not all funding agencies are connected to one another, and not all of them fund the exact same thing. In fact, there are may funding schemes that strictly fund businesses that are in the Agriculture industry, which means that only those in the Agriculture industry can get the funding from these schemes . If you are an mechanic garage, or a cleaning business – you would be wasting your time applying to these funding scheme.

When applying the right way, researching the available funding schemes is key to success. Be sure to break down your needs and ask only for what it is that you need. As exciting as it is to obtain a lot of money from the government, it’s more likely that you will be denied for asking for too much (and not because you can’t get it, but because the schemes available rather fund more businesses then less).

Step 3: Review, apply and re-apply

Once you’ve found the few schemes that you seem to be eligible for by meeting the criteria and eligibility requirements, it’s important to complete the government funding applications the right way. You’d be surprised to know how many small business owners for apply for government funding are denied funding simply because they didn’t follow the funding application rules.

Think about when you are doing your passport renewal – every single person reads and re-reads the application form 5 times in order to ensure that the passport office doesn’t send it back a few weeks later and tells you that something isn’t legible or that you didn’t provide a signature..etc The funding applications offered through the government are the exact same way, complicated.

When applying for funding schemes be sure to read, and re-read the application. If possible, get somebody else to double check it as well.

Remember that when you send in your application in (and you need money), if you made a mistake and your application will be denied, you may not receive it back for a few weeks or months. By this time, it may be too late for your small business. So be sure to review your application, and even consider registering for our membership and taking advantage of our funding application review service.

If you are denied funding simply because you didn’t meet the requirements, or didn’t provide all that was needed, review your application and re-apply. Sometimes it’s possible you didn’t get funding because you application past the deadlines, or the funding ran out, or many other reasons. So it’s important not to give up and re-apply when you feel confident again.