Starting and growing a business is a rollercoaster of a journey, one of the factors that will make it easier for you as an owner is securing funding – it’s the life blood of any business.
One of the best ways to get finance is through applying for grants. This is essentially money from the government for businesses to use, to help grow their business. The application process can be quite challenging; however you will be receiving money for your company without the need to pay the government back hence you always need to be accountable.
We have a system in place for businesses in Hounslow to apply for grants up to £5K on behalf of the London Borough of Hounslow. For businesses in Hounslow, you can apply for grants here. To further support businesses applying for the grant there is a program of 1-2-1 mentoring to help develop the strategies to build your business and drive growth. The deadline for application is January 24th and it is a great opportunity, for support, for businesses based in Hounslow.
There are many other ways of getting funding for your business, a great way to find some of these sources is https://swoopfunding.com/ this site has so many options and ideas and is a great place to start looking for further funding. There are some alternative routes.
- Crowdfunding has become increasingly popular amongst small businesses recently. It allows you to raise finance from your supporters. Typically, you will offer a share in your business in exchange for finance. If you have a large following, this is a great way to rapidly build your finance, but if you have a small following, this process could take a long time.
- Venture capital. This is done by a venture capitalist offering a large sum of money in exchange for a large share of the business. This is a great option if you have scope for large growth, as venture capitalists will want to see a quick return on their investment. However, this does mean that you are giving up a large share of your company, thus losing a vast amount of control that you would otherwise have.
- Bank loans, these require careful consideration and a clear plan on how you are going to repay this over time and the cost of borrowing the lump sum.
There are many routes to additional funding and its always wise to research what and how you need to do to secure it and if applicable pay it back. In the midst of the Covid pandemic sourcing funding has become a complicated maze, however for Hounslow businesses there is a chance to gain a grant to help empower your business in 2022.