Small Business Start Up Grants
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Most organisations making grants will require you to have a business plan and fill out an application before you obtain funding. You may have to present your case to a committee. Better get brushing up on those presentation skills!
Where to look in the United Kingdom
The Princes Youth Business Trust aims to help 18 to 30 year olds who are interested in starting their own business.
- Small business start up grants of £1500 are available in special circumstances.
- Low interest (soft) loan of up to £5,000
- A £250 test marketing small business start up research grant
- Also on offer are support services such as a business mentor, free legal advice line etc.
To qualify you must :
- Have a great business idea!
- Have failed at obtaining funding from other sources
- Be aged between 18 and 30,
- Be UK resident,
- Be in a part time or ‘inadequate job’ (I assume this means low paid)
Some time ago, I acted as a mentor for the Princes Youth Business Trust. I can vouch for the support and help it gives successful applicants. It’s a very worthwhile scheme, but it is quite difficult to get onto. (The Princes Youth Trust is supported by big names in the Fashion and Pop industries!)
A useful source of organisations making all kinds of grants, is The Directory of Grant Making Trusts . This is an expensive book, costing about £80. I would first of all try to find a copy in your nearest good library. If you can't find it there, it may still be worth buying, as a successful application will more than cover the cost.
The book covers in the region of 2000 of the largest grant makers. Each trust is outlined, along with qualifying criteria. The guide is particularly useful if the organisation you want to start up has non profit activities, or activities aimed at social welfare or improvement.
There are other more affordable resources available: A Guide to the Major Trusts - a further 700 trusts and A Guide to Grants for Individuals in Need are two that I also know of.
Providing you are prepared to do some research and presentation work, it is possible to find financial assistance for your small business start up, but your chances of success may depend on your personal circumstances.
Many trusts have been established by wealthy entrepreneurs who wanted to leave lasting legacies for the greater good, so don’t give up until you’ve exhausted all avenues.
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