Ruth Roan, South Midlands Growth Hub's manager.
Published in association with
GRANT funding programmes can bring substantial benefits to small and large businesses alike.
However, there are many preconceptions around grants and the grant application process that can make businesses tentative about applying for funding.
At the Growth Hub, we have been running funding programmes to support business growth and innovation for over ten years. The impact this has had on the local economy cannot be understated.
Our latest funding programme, the Resilience and Innovation Grant recently came to a close. RIG focused on driving innovation and sustainability across the South Midlands by offering grants of £5,000 to £50,000 to SMEs.
To date, we have awarded more than 50 grants to businesses, resulting in 123 new jobs created, 26 new products brought to market and 51 decarbonisation plans implemented.
The final round of funding recently closed and we eagerly await to discover the further impact this has had on businesses and the economy across the South Midlands.
Applying for funding can open up new opportunities for your business.
Typically, there are two types of funding.
Capital Funding, which can be used to purchase physical assets, such as machinery and vehicles.
Revenue Expenditure, conversely, can be used to purchase intangible assets such as software, a new website or even marketing materials.
If you are an early stage business, grants present the opportunity for you to accelerate your growth by providing funds to invest in assets or services that would not otherwise be attainable in such a short period of time.
Grants also help to mitigate the risk to your business. Unlike a loan, which can be more challenging to achieve and carry additional risk, grants do not need to be repaid (as long as they are spent on the agreed products/services).
Larger businesses can also benefit significantly from grants. Most established businesses will ensure they have a financial buffer in place at all times in order to mitigate the risk of external factors financial impacting their operations.
Accessing grant funding prevents businesses from using their ‘buffer’ to invest in their business, meaning they can make larger purchases and enabling them to focus on future growth and investment.
In the South Midlands, businesses are fortunate that there is an established network of industry partners putting business needs first and providing best-in-class programmes to support you.
To make it easy to find the right programme for you, visit www.growthhub.southmidlands.org.uk where we can help you find the right solution for your business.
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