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5. Grants

A grant is an amount of money given to an individual or business for a specific project or purpose.

You can apply for a grant from the government, the European Union, local councils and charities.

You won’t need to pay a grant back, but there’s a lot of competition and they are almost always awarded for a specific purpose or project.

Advantages

Advantages include:

  • you won’t have to pay a grant back or pay interest on it
  • you won’t lose any control over your business

Disadvantages

Disadvantages include:

  • you’ll have to find a grant that suits your specific project, which can be difficult
  • there’s a lot of competition for grants
  • you’ll usually be expected to match the funds you’re awarded, eg a grant might cover part of the cost of a project but you’ll have to fund some of it yourself
  • grants are usually awarded for proposed projects, not ones that have already started
  • the application process can be time-consuming

Find funding

You can look for either: