Government Grants, Assisted Finance and Loan Guarantees
If your business qualifies for financial support from governmental sources, this is likely to be more economical than other sources of funding. Financial aid of this sort ranges from grants (where the money does not need to be repaid) to soft loans on better than commercial terms. The range of available options is extensive and changes frequently. Information and access to the correct officials is of crucial importance, as is the preparation of applications which satisfy the relevant criteria. Assistance can be provided on a geographic basis or for innovation, research and development, export and training or simply to fund new jobs.
The range of government grants is described in detail in various publications available from the Department of Trade and Industry and other government bodies. Local authorities and other regional bodies which have available funding will have units devoted to the administration of grants and other government aid schemes.
The DTI provides information and assistance in obtaining funding from EU sources but there are also central agencies within the EU which can be approached directly. Your bank, accountant or solicitors should be able to assist you as to possible sources and availability.