One of the most regular questions that we are asked is "what grants are available for new business start-ups?" and the truthful answer is that there are not as many as you would think.
However, as a grant does not need to be paid back, it is well worth spending a little bit of time to find out whether there is anything that you can claim.
As you will discover, the business grants that do exist generally come with certain conditions. These will not be interest rates or repayment schedules but are far more likely to be related to what type of business you are starting, where you are going to be located and whether you are going to create any new jobs.
Before you begin searching for grants, clearly define your business's needs. Are you looking to launch a new product, expand operations, conduct research, or foster innovation? Different grants cater to various business aspects, so pinpoint your requirements to narrow down your search.
Starting or expanding a business often requires a substantial financial investment. While traditional methods of funding like loans and personal savings remain popular options, another avenue worth exploring is business grants.
Business grants, where available, are funds provided by various organisations, including government agencies, private foundations, and corporations, to support entrepreneurs and businesses but don't forget that heyare also designed to help them achieve their own objectives. A list of places to look can be found lower down the page.
Applying for business grants is a competitive process, and rejection is a possibility. However, don't be discouraged by setbacks. Use any feedback you receive to improve future applications. Persistence and refinement are key to eventually securing the funding your business needs.
The Gov.uk website has a section dedicated to finance and support for your business. It helps you locate government-backed support and finance for business, including: grants, finance and loans, business support eg mentoring, consultancy, funding for small and medium-sized businesses and start-ups. You can customise your search by location, size and activity.Visit Website
Your Local Authority has a vested interest inencouraging new businesses to be formed in the area. Not only is it good for the economy generally, you may be creating new jobs, and/oroccupying commercial property which will generate more income for them.Local Authority grants tend to be quite modest and often about £250-£500. You can find details of you local councils by using this Govenment search tool.Visit Website
Your Local Enterprise Partnership. Local enterprise partnerships are partnerships between local authorities and businesses.They decide what the priorities should be for investment in roads, buildings and facilities in the area. So far 39 local enterprise partnerships have been created. Look here for the full list and map of local enterprise partnerships.Visit Website
Your Local Enterprise Agency. The National Enterprise Network is a unique membership body representing business support organisations in the UK. Their local help finder will point you in the direction of an agency near you who may well be able to tell you whatgrants are available in the area.Visit Website
The Princes Trust can offer start up business finance if you decide to start up in business through our Enterprise programme. They can provide low interest loans of up to £4,000 for a sole trader and £5000 for a partnership - some people may be eligiblefor business grants too.Visit Website
GRANTfinder is a grants and policy database and includes details in excess of 8,000 funding opportunities. Services include access to: a flexibly searchable database; Newsflash service; deadlines listing; and Research Help Desk. What's more, and information is continuously updated.Visit Website
Start Up Donut website contains a comprehensive briefing which will give you a good idea of whether your start-up business is likely to be eligible for a grant - and whether such a grant is worth the effort involved in applying.Visit Website
Navigate your way to find grants or funding available to businesses in the UK.Visit Website
UK Business Funding Centre have a Funding Finder engine to explore funding schemes for your UK small business.Visit Website
SmallBusiness.co.uk contains articles and advice on how UK small businesses can get a government grant, along with helpful guides on the different types of business grants available to business owners starting and running a business.Visit Website
If you need to raise some money for your new or existing business and would like to know what options are open to you (without any obligation), please complete and submit this simple form.
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