7 Grants

Apart from equity, a business grant is the only other source of business finance that is not repayable. A grant is a permanent cash injection but, unlike equity, there is no loss of control over the business when a grant is received. In Session 2 you were introduced to a number of development agencies and networks, many of whom offer grants or can point you towards organisations that do so.

Since the pandemic, there have been a number of grants from organisations such as Innovate UK, specifically aimed at funding research and development ideas that would have a significant impact on the UK economy.

Applying for a grant is a competitive process and often they are only provided for a specific future project. If you live in the UK, the website Gov.uk offers more information about grants and other funding schemes, including the Graduate Entrepreneurship Visa, which you can find out more about in the Further reading section at the end of this session. Many other governments around the world also provide funding support for entrepreneurs to live and work.

Next you will learn about alternative sources of finance.