Before the project closed, the Prince's Trust charity 'Prime' kindly gave us permission to print an extract from their article entitled, ‘Business grants - myth and reality’. We continue to publish it as it may still in large part be relevant.
On this page we also introduce Start Up Loans.
Be cautious about websites (or firms) that say there are a myriad of unclaimed government grants out there and that then offer to find you one for a fee. Don’t pay until they get you the money!
In the UK the key source of revenue for businesses is overwhelmingly customers, during the start-up period as well as later. This after all is what distinguishes a business from a charity or public sector body.
Businesses requiring more money to get going than early customers, friends, family and the entrepreneurs’ own resources can provide, have two other options:
Note also that your early customers will bring not just money when you most need it, but quite possibly also valuable information you can use to help guide your business. This feedback from real paying customers is something officials at a government agency or a grant-giving charitable trust will be hard-pressed to match.
Start Up Loans
The following pages introduce Start Up Loans, which are government backed loans available via their delivery partners, as well as other sources of start-up funding. We have included details on one Start Up Loans delivery partner, Transmit Start-Ups, and there is a complete list of delivery partners at the end of this section.