Getting the most out your grant or loan – Disabled person’s guide

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When starting a new business most people will need some sort of capital to pay for things like, advertising, equipment and stock. They will either finance it themselves by using savings, borrowing it from family or through personal/business loans. My favourite way is through grants, simply because if things don’t work out you don’t have to pay them back.

When starting your business and looking for grants you must remember one thing. The vast majority of grants available are for business start up. After you start up in business there is virtually no financial support available. A lot of disabled entrepreneurs I work with have trouble with this concept. They write their business plan, list the items they need and look for the grants to buy them. Once they have matched the grants to the equipment they need, they stop looking.

This is a big mistake, pre-business start up gives you the greatest chance of getting your hands on some free money. Many disabled entrepreneurs don’t look ahead and think about the things they might need in the future. A year down the line they might want a website, PC or newspaper advertising. These are all expenses they will now have to fund themselves which will come out of their profits. If they thought about how their business might develop they could have put a grant application in for these items and got them when they started up.

So, before making that leap into self employment make sure that you have fully exhausted any grants available, because once you start your business, you might find that financially, you are on your own.

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