When starting a business, often a primary concern is funding. From venture capital money to loans to bootstrapping, there are many options out there. One funding source that many entrepreneurs forget to consider is the possibility of small business grants, which usually don’t have to be repaid and don’t require you to give up equity.
Grants aren’t only for those who are just starting their business, there are all kinds of subventions for organizations irrespective of industry, size, and activity. You just need to know how to look for them and how to apply properly.
In both intraHouse Spain and intraHouse.Agency, we are well-versed in the vast offer of grants and subsidies available in the Canary Islands, as well as the tricks, tips and contacts required for a successful outcome. So, we want to use our expertise to help others.
The Canary Islands government invests millions of euros every year to boost the local economy. There are different grants to benefit all kinds of organizations, especially those in the tourism sector. Things are particularly difficult right now because of the Covid-19 outbreak, and both the Canary Islands and the national governments have already announced that they’ll be investing more millions in helping the companies from the islands to get back on their feet.
There are many grant options, and investigating the ones that might apply to your organization should be part of your funding and/or growing strategies. To ensure you have the right materials on-hand when you apply, we offer customized advice and active management of grants and subsidies.
The whole process can be very daunting and last up to a whole year, from the search to the audit of the budget.
Step #1: The search
The first step is to find the right grant for you. It may seem fairly obvious and easy, but there are so many local, island-centric, regional, national, and international options that the number of subventions available can be overwhelming for beginners. Nobody will ever give you money so you can spend it however you want without giving any explanations, so you have to be very specific when you choose a grant to make sure you fit all the criteria.
Step #2: The statement
If you are confident about the fact that you fit the grant criteria, you will write a statement showing the specific needs this subvention has and how you are qualified to fulfill them. These statements can vary from a simple 3-page forms to full-on technical reports, depending on the grant. Use numbers if possible and always link back to the goals you are seeking to accomplish.
Step #3: The budget justification
This step is the most complex, due to the nature of the requirements. It can be done before or after you receive the money, but both options are just as sensitive and detailed. You will have to explain every single item in your budget, why are you applying with it, and how it will accomplish your end goal. Re-read everything thoroughly to make sure there are no mistakes of any kind and to ensure that you are linking everything you state to the goals and requirements. You will usually get a chance to fix any possible issues, but making a big mistake could cost you the whole process. Most grants will also require you to audit the specific budget destined to this grant, so working shoulder-to-shoulder with a trusted auditor will be required in most cases.
We research the best grant for your needs and then we take care of the necessary application documentation, deadlines and necessary audit reports – no matter what type of business you’re in. You just need to be registered as a Canary Island-based company.