Is there such a thing as a business start up grant????

tigeress289

annasoper wrote: »

Actually, you can get a start up grant. You need to speak to someone from your local Business Link. But getting a grant is no easy task. You have to get fool proof business plan, and actually demonstrate that your business is going to benefit the local economy in terms of job creation etc. Also, you usually get a grant to supplement your investment. For example, if you require say 30k to do something in your business, the body giving the grant will usually require you to invest 20k into your business to get a 10k grant. Also, grants are not usually given as start up capital, but towards expenditure. Your best bet is to speak to some one from business link. Good luck

Please do not listen to posts like this. Business link are closing daily. To get a grant, which is near impossible would take months, even if you had an outside chance. And the hoops you would have to jump through would make it near impossible, which this OP does not have. I thought we tried to help with the OP. I have been through the process and am far from stupid. There are NO GRANTS as most seem to think. Government cuts are putting a lot of these startups out of business and major names included. Please wake up,this is the real world. We should not be sending genuine people who have a problem on a wild goose chase with wrong information.

seeke

The new enterprise allowance scheme will give you £65 a week for 3 months, and £33 a week for another 3 months. On top of this, you can access a loan for £1000. AFAIK, none of this affects your benefits, so you would be able to claim WTC, HB etc as well. You have to start paying the interest on the £1000 loan the month after you get it, but you won't have to pay back the principal for two years.
On top of this,you should be able to claim "back to work "grants from your jobcentre when you sign off. These can be worth £200. But you need to ask for these.
Something to consider is that its now 5 years since your bankruptcy. I'm not an expert, but I think that falls off your credit report in a year or so. So it may be a good idea to start building up your credit in the meantime. (mobile phone contracts, catalogue accounts,sub-prime credit cards are all good tools for this particular battle)

Anyway. To summarise, you can obtain

£1000 loan
£200 back to work grant
£1300 odd New Enterprise Allowance

and benefits while the business is showing a low income.

As you're looking for £6000, it's not enough, I know, but it's a start.

saintjammyswine

^^^You can also get mentoring which adds about £1k (ish) to the value.

Emmzi

your last business folded because you didn't have a spread of risk and were reliant on one big customer.

This set up with the cousin is the same i.e. high risk. One customer.

If he has someone else to take the lead could you ask if he will get that guy to employ you? Then at least you will have a steady income and can maybe save to start your own business again before you turn 40? (Just a random good target age.)

paddyrg

Entrepreneurs go bankrupt, it happens a lot, it is how you get back on the horse afterwards that counts. It sounds like a good deal being offered, but what is the £5-7k for?

Head over to the small biz forum here, you may get some more suggestions and ideas

ILW

I would question what the £6-7k is for. It may be possible to borrow equipment etc if this is for capital purchases.

gastronomix

Maybe I'm missing something but if I was to attempt a start up and receive my £65pw, wouldn't I simultaneously lose my right to housing benefit/mortgage relief, council tax relief and any other benefits, thus making myself potentially much worse off just at the point when any new business is likely to incur start up costs?

I have tried asking about this at the jobcentre and not got an encouraging response, however I'm also highly dubious about the quality of information which the "advisors" give.
Anyone know for sure, preferably with a link to a reliable source please.

Jarndyce

AlbertSmith wrote: »

Business start up grants can assist in raising financing, that in any other case could be a cumbersome matter for most of us, but especially for women entrepreneurs who are having difficulties with small businesses. Many times these women have done the path of the conventional banks and traditional financing institutions only to be turned away due to the fact they have not been able to meet the lending demands required. Unfortunately a significant number of these women hardly ever know that there are grants available to them from both federal government and local state grant agencies. Business Grants are frequently overlooked as a source of funding for these individuals.

Where have you cut and pasted that from?

This is a UK forum you do realise?