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Government Funding & Grants
There is a good deal of Government sponsored non-repayable Grants and Assistance Programs for manufacturing and tourist related businesses as well as innovative R&D product development projects available in South Africa.
A grant is an award of financial assistance in the form of money. The government is one of the best sources for grants. Grants have strict guidelines for applying and using the funds. Grant funding agencies use grants as a way to accomplish a specific goal that the organisation wants to achieve. If your start-up fits into the right criteria, you may be able to apply for funding through a grant.
[Tweet "#FundingTip: Funding agencies look for worthwhile projects such as those that might create jobs."]
The difference between a loan and a grant is that grants do not have to be repaid, but they do require a considerable amount of paperwork. The grantee is required to account for spending the money in the manner specified by the grantor. Grants funds fit broadly into two different categories – money that is sponsored by the government and money that is sponsored by corporate financial organisations.
Most of these funds have their own specific requirements, and only those businesses that fill specified requirements, get to access to these funds. Funding agencies often look for worthwhile projects such as those that might create jobs in rural areas or those that provide training to specialised groups.
Small businesses can contact banks and other financial institutions for small business bank loans. A business loan must be paid back and strict criteria must be met to qualify. There are a number of private funders that may be able to help.