This is for businesses looking for advice on grants.
The financial crisis towards the end of the first decade of the 21st century brought about major changes to the system making grants not so freely available. The main changes are mainly that to be awarded a grant you must be able to demonstrate:
- You are creating new sustainable jobs or you are protecting existing jobs
- You have exhausted all other possible funding options
- The project cannot go ahead without the grant
Some awarding bodies may be able to provide loans in place of grants where they believe a loan would be a more suitable way to finance the acquisition.
The provision of grants may change in the future. Whilst the national unemployment rate is now 5.6% (July 2015), there are areas where the rate is below 1% so the need to create jobs in these areas through grant aid cannot be justified.