Grants can be an effective source of funding to start or grow a business. Read our guide to getting a grant in Wales.
What is a business grant?
A grant is a non-repayable sum of money awarded to your business, often for a specific purpose or project rather than for financing general business activities.
While there are hundreds of grant schemes available, many have a set of criteria you need to meet in order to be eligible. This can include:
- Business size. A grant may only be open to businesses with under 250 employees (classed as SMEs), or fewer.
- Industry. Many grants are sector-specific.
- Business purpose. A grant scheme usually has a clear objective, so will be given to businesses who can meet this by addressing a particular issue or having a certain impact.
- Location. Regional grants are available which aim to support economic growth and job creation in the area.
- How long you've been operating for. Some grants may only be awarded to more established businesses who have been operating for a few years, while others may be focused on start-ups.
Finding a business grant
Grants are awarded by a variety of providers, and can be local, national or European in scope. The main providers in Wales are the Welsh Government, the UK Government, the EU, local authorities and charities.
The finance locator on the Business Wales website is a great starting point for looking at the grants and other types of funding available in Wales, allowing you to filter and sort your results by funding type, source, geographic area, application status, etc. to see the most relevant options for your business.
How to get a grant
When you've found a grant that you think you're eligible for, and which meets your business' needs, then you can start making sure you have what you need to apply. The application process will vary for each grant scheme, but here's what you'll generally need to ensure before you begin:
- You have a clear idea of how you will use the funding and meet the grant's conditions and objectives
- You have a thorough and up-to-date business plan
- You can provide funds to match the grant if necessary
Grants usually cover only part of the total costs of a project, and often come with a match funding requirement, meaning that you'll either need to use some of your own money or raise external finance. We provide flexible loans which can be combined with grants to give you the complete funding package you require.
For further guidance on grants and how to apply, visit the Business Wales website.
If you're looking for external finance for match funding, or are interested in looking at alternative options to grants, then check out the range of finance we offer to businesses in Wales.