Grants – also referred to as a bursary – are funds given out by private, public and not-for-profit organisations for a range of purposes. All funding body’s provide the money to accomplish their objectives, however grants are not “free money”: they are payments that do not have to be repaid, provided they are utilised (in full) for the specific purpose outlined in your application. Grants can have a highly competitive application process, and can require a particular skill to complete effectively.
Grant programs help innovate small businesses with funding for start-up and growth, or can be for a specific community-oriented project. Generally, grants are for stand-alone projects with a beginning and end, with clear outcomes from the project. They are not for ongoing running costs of the business, such as permanent staff costs, rent and utilities simply for the organisation to do its usual work.
A requirement of many funding body’s is that a grant acquittal must be completed at the end of the project. This means as a recipient of funding (you) will need to account for how you spent the funds for your project. This can be a very simple process of filling out a form or, for larger amounts of funding, you may require extensive reports and audited financials.
If you’re not sure how you could use a grant available to you, consider looking for a small business mentor: you can find out about them via the Small Business Mentoring Service. For grants provided by Banyule City Council and to find out more about eligibility and applications, visits Council’s webpage Small Business Grants. Do you have a creative project you’re funding? See what’s available on ArtsHub.