» Sources of Finance
Grants can be an attractive aspect of a company's financing structure. If a company has a specific issue that it wants or needs to deal with then it could find that there are grants available from local councils and other bodies that will help to pay for it.
Why do Councils have such grant schemes and how do they work? Here is an example from a London Council, taken at random from all London councils.
Grants of up to £13,000 per property or 25% of the cost of eligible works (£30,000 in the centre of Balham and £50,000 in Wandsworth) are available in specifically designated areas of the town centres. Frontage and building improvements, bringing vacant or underused space back into use, security and provision of disabled access are all categories of expenditure for which funding might be available.
The service aims to:
- encourage the regeneration and maintenance of business premises and thereby High Street infrastructure in designated Town Centres and local areas.
- make a difference to the business and add value to the property whilst adding overall benefit to the immediate local area.
Any business in an approved area is eligible for a grant/loan, although applications are subject to individual assessment and all financial assistance is discretionary. Improvements should have a life expectancy of 5 years.
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