If your small business is looking to increase cash flow, there are a variety of business grants available within the UK. These grants are available to a range of industries to help business owners grow and explore new opportunities. To help you find grant funding for your business, we have compiled this useful guide.
How do you get grants for small businesses?
There are thousands of potential grants available across the UK, although the main sources of funding are government grants, the European Union and local authorities.
As you begin to search, you will find that many are limited to specific regions and local authorities. There may also be rules relating to which businesses can apply for funding, such as having fewer than 250 employees, or having a turnover below a specific amount. In addition, they are often targeted to assist with specific business operations, such as reducing the impact on the environment.
Competition is often very high, so you should take your time when preparing your application. Preparing a thorough business plan which shows exactly how the grant will be used will help.
Are there any business start up grants?
Yes, there are a variety of funding opportunities for new businesses throughout the UK. The following are examples of regional grant support:
1. Catalyst for Growth – This is available to chemical start-ups within the North West of England. There are grants of £5,000 up to a maximum of £500,000.
2. Tourism Investment Support Scheme – This scheme supports businesses within the tourism sector in Wales, providing a variety of financial support and grant options.
3. Enterprise Northern Ireland – Enterprise NI offers many forms of support, including assistance to those which are just starting. From funding through to providing a workspace, there are many support options.
4. Business Advice Masterclasses – These are offered throughout the East of England, with support including advice, development workshops, loans and start-up grants.
What are 4 types of grants my business should consider?
There are several business support schemes which operate across the UK, which are eligible to businesses operating in every industry. The following are funding opportunities, which your business should consider:
1. The Prince’s Trust Enterprise Programme
The Prince’s Trust Enterprise Programme assists those who are aged between 18-30, with an aim to helping people develop their new business. Although there is no specific business grant, there are development grants which could help you learn new skills and grow your business.
2. The Eurostars Programme
This programme offers funding and support to SMEs which are looking to develop innovative products and services. The scheme is funded through Horizon 2020 and the current application process closes in September 2020. As a business you could be eligible for up to 60% of your proposed project, with a maximum amount available of €360,000.
3. The Seed Enterprise Investment Scheme (SEIS)
This government SEIS is designed to help new businesses raise money when they begin trading. It works by offering tax relief to individual investors when they purchase shares in the business. It is possible to raise a maximum of £150,000 and HMRC can advise whether your business is likely to qualify, through their advance assurance scheme.
4. Small Business Grant Fund
In response to the Covid-19 pandemic, the government has introduced grants for small businesses and those which operate within the retail, hospitality and leisure sectors. They are delivered through local authorities and if your business is eligible you will be contacted automatically. Eligible businesses will receive a payment of £10,000 or £25,000, depending on the rateable value of their business.
If your business is not eligible for a grant or would like to combine a grant with other forms of financial support, such as a business loan, asset or invoice finance, we can help. Here at BusinessComparison, we specialise in helping businesses find the financial support they need. We have partnered with leading traditional and alternative lenders throughout the UK, so you can compare options and find the best deal for your business. To find out more, please contact our team today.