Several grants are available which could help small businesses further their aims, it has emerged.

This free money is targeted at a variety of smaller firms in different locations, Business Zone reports.

One such grant available is offered by the East of England Development Agency, whose Running the Gauntlet investment competition offers up to £2 million to entrepreneurs in the region.

Female businesspeople would be wise to investigate Cranfield School of Management's annual scholarships scheme for women to join its business growth and development programme at a 50 to 70 per cent discount.

Also, West Midlands entrepreneurs with an idea for an innovative new product, process or service could receive revenue grants of £10,000 and capital grants of £15,000 from Advantage West Midlands.

If none of these seems suitable, the website points out that there are others available with staggered deadlines throughout the year.

Recently, British Telecom announced that it was seeking 20 UK business owners who have used technology to take their companies in a new direction.