22 October 2015

How to find funds for your business

The aftermath of the credit crunch coupled with the government trying to move away from grant dependency has meant that it has never been more difficult to find the appropriate funding for your business. However, opportunities still exist and the BPIF’s Funding Finder service is the ideal vehicle to identify those available.

Funding Finder, which can be found on the front of the BPIFs website, is the most comprehensive list of grants, loans and funding providers available. It breaks everything down into regions and size of company, but can look a little daunting with the total number of opportunities on offer.

There are a few tricks you’ll soon find to simplify the searches and it quickly becomes easy to look for what’s new. However if in doubt you can always talk to Steve Walker at the BPIF who can talk you through the process or undertake the search for you.

The key to getting the best out the service is to look regularly for those grants on offer in your area, so you don’t miss the new ones and ensure you contact the provider to find the full extent of the support on offer.

Once you have found a funding opportunity, there is usually an online application form and there are a few tips for filling these in:

• Give yourself time. Don't rush your application.
• Know yourself and know the funder. Read the guidelines thoroughly and be sure that you are eligible. Find out about the funder's objectives and show ways that the project will deliver.
• Make your project stand out. Most funds are oversubscribed so you need to make your applications a cut above the rest.
• Show that the project is needed. Show how many jobs will be created or saved if the project goes ahead. Many funders will insist on this as a condition of the grant and expect you to prove it at least at the end of the project. 
• Show that your organisation is fit for funding. Ensure that you budget the project sensibly and that the project leader has the necessary skills.
• Ask others to check your application. This helps ensure you have not made obvious mistakes.
• Don't give up. There are many reasons why applications fail and one of them is the funding has ended for the time being. There will usually be a second round of funding.

For more information on grant funding and how to use the Funding Finder service, please see the contact details below