Grant funding provides a huge number of benefits to companies, here are just some of the reasons why you should think about putting in an application.
Grant funding can work wonders for any business. Securing a grant is like finding a golden ticket because it allows you to instantly access all the money you need to fund your Research and Development (R&D) project. Grants generally range from £25,000 to around the £2 million mark, and can be used to cover just about any expense associated with your R&D work, from staff costs to travel expenses. If this major benefit of grant funding isn’t enough to convince you, here are a few more of the perks.
Grants are 100% free
That’s right, you don’t have to pay back a single penny of your grant. Non-repayable grants are yours to spend as you see fit, providing your application is approved, and you can justify those expenses. Once the money is in your company account, you can immediately start putting it to good use on your R&D project without worrying about paying anything back.
Grants are 100% guaranteed
As long as your application is successful, the grant funding you’ve secured is completely guaranteed and will be paid in full. Because you know in advance how much you will receive, you can start to plan, in more depth, how that money will be divided across various elements of your R&D work. If you beat the competition to the funds, then nobody is going back on their word and the money is guaranteed to hit your business account on the promised date.
Grants mean you won’t dilute your equity
Having grant funding means you won’t dilute your corporate equity. Rather than draining company money and pouring it into R&D, you have external funding coming in to cover your costs instead. Better still, you can reclaim the funds using the government’s generous R&D tax credit scheme, a little-known system which allows you to claim back any money you’ve spend on R&D. In other words, it’s a win-win situation for your business.
You may find it easier to access equity funding
Many companies who have secured R&D grants find it easier to access equity funding, since they’ve already been given validation from a government-backed organisation. Being approved for grant funding can boost your company’s reputation across the board, making it easier for you to claim other forms of funding which non-approved companies find harder to access.
It’s easy to apply
Finally, Claim Capital can make it easier for you to apply for grant funding. The trick with grant funding is matching the right company to the right competition, and we’re experts in doing just that, with a success rate of up to 70%. By outsourcing your applications to us and letting us do the grant writing for you, we free you up to concentrate on other aspects of your business and increase your chances of success. The application process and paperwork for grant funding can be complex, but the Claim Capital team are highly experienced in this field and make it more likely you’ll come out the competition winner.
For more information on the services we provide, simply get in touch with us today.