Latest 'Looking After Business' column from Clay Shaw Butler

Looking after business, the business page column from the Carmarthen Journal . . .
by Nigel Roberts, finance and banking specialist with Carmarthen-based accountants Clay Shaw Butler

Making sure you have adequate finance is a fact of life if you run a business.
Whether you are looking to expand, undertake a specific project or simply fund your day-to-day purchases, finance is essential.
Obtaining finance is not always easy, especially if yours is a small business or a recent start-up. Borrowing may be difficult due to lack of security.
A grant may be the answer.
What is a grant?
A grant is a sum of money awarded, by the government or other organisation, for a specific project or purpose.
Normally it will cover only some of the costs (typically between 15% and 50%); the business will need to fund the balance.
One of the main features of a grant is that the money is not repayable provided that the terms and conditions of the grant are met. But, having said that, their availability is limited and competition for the funds can be quite intense.
Grants can be simple in principle. In practice, however, they can be somewhat daunting because of the huge number of different schemes in operation and the fact that schemes are constantly changing.
Government grants are distributed through a variety of ministries, departments and agencies both on a national and local basis.
The following website may help with initial research into grant availability:
www.businesslink.gov.uk
The European Union is also a provider of funds, mainly through the European Commission which administers a large number of schemes.
Is my business eligible?
Many of the available schemes are open to all without restriction. Eligibility for others will generally depend upon three main factors:

• geographical location of the business. For example, some schemes are targeted in areas of social deprivation or high unemployment
• size of business. For example, some schemes are restricted to smaller businesses
• industry or sector in which the business operates. For example, some schemes aim to tackle particular problems or issues affecting an industry sector.

I’ll take a closer look at making grant applications in my next column.
At Clay Shaw Butler, we can help you to find an appropriate source of grant funds. We can also assist with your business plan and detailed application.
The team at Clay Shaw Butler can be contacted on 01267 228500 or through the website at www.clayshawbutler.com