How to Successfully Apply for the Business Growth Fund MBIE
Starting or growing a business requires capital. According to a survey by the Federation of Small Businesses, around 30% of small businesses in the UK struggle to access funds.
However, the Business Growth Fund (BGF) is one initiative that offers businesses access to capital to help them grow. Managed by the Ministry of Business Innovation and Employment (MBIE), the BGF is designed to provide business advisory services, technical support and capital to help businesses grow.
Unfortunately, the application process can be intimidating, and many businesses fail to apply for the BGF due to the lack of knowledge. In this blog post, we will guide you on how you can apply successfully.
Understanding the Business Growth Fund MBIE
The Business Growth Fund MBIE was established to help businesses grow. It provides interest-free loans and grants for the purpose of growing businesses, creating jobs, and increasing productivity. The fund is aimed at businesses that have been operating for at least three years and have demonstrated growth potential.
The MBIE offers these grants to businesses in order to help them access expert advice, technical support, and funding for activities that can aid in their growth. The fund is open to businesses across New Zealand.
How to apply for the Business Growth Fund MBIE
To apply for the Business Growth Fund MBIE, businesses must fill out an application form that can be accessed on the MBIE website. The application must provide a detailed growth plan which includes objectives and milestones, cash flow projections, and the funding required.
In addition to the growth plan, the application should also provide details on the business, including company structure, financial history, market potential, and any relevant experience. The key point to remember when filling out the application is to provide detailed and accurate information related to the growth potential of your business.
Key considerations when applying for the Business Growth Fund MBIE
When applying for the Business Growth Fund MBIE, there are several key considerations to keep in mind.
The first is to ensure that the application is complete. The lack of relevant information or incomplete applications can result in rejection. To avoid this, businesses should carefully read the requirements and guidelines for the application.
Secondly, businesses should ensure that they provide realistic growth milestones and objectives that are achievable within the granted time-period. The MBIE doesn’t want to invest in businesses that only set unrealistic goals.
Thirdly, businesses should explain how the funding will be used and what benefits they expect to achieve as a result. This helps the MBIE determine the viability of the investment.
Lastly, proofread the application thoroughly to ensure there are no spelling or grammatical mistakes. This demonstrates professionalism and increases the chances of approval.
Conclusion
The MBIE Business Growth Fund is one of the easiest ways to access funding for growing businesses in New Zealand. If you have ambitions to grow your business, you should consider applying for funding grants and expert advice.
Remember to provide realistic growth milestones and objectives in your application. Be sure to explain in detail how your business will utilise the funding and what benefits you expect as a result.
Submitting an accurate, detailed, and complete application is critical to securing funding. Happy to apply and Good luck!
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