If you are a business owner looking for funding for your small business in the UK, there are many business grants available, ranging from funding for startups to more established businesses.
Small business grants across the UK come with particular criteria that need to be met to qualify to obtain this type of business finance. As a small business owner, it can be a minefield to know the grants available, where to look and how to apply.
In this blog, we will look at some of the small business grants currently available in 2024.
UK government funding opportunities and business grants are available for UK businesses from a wide variety of sources including the UK government. In Wales, Ireland and Scotland grants are available via the Welsh government and Northern Ireland Assemblies and via the Scottish Parliament.
More information can be found here:
England: Business Finance Support Finder.
Wales: Business Grants website.
Ireland: Enterprise Ireland.
Scotland: Funding Opportunities website.
There are many forms of business grants available that can support business growth, provide cash awards, buy assets, provide free equipment or help you to reduce costs.
Most government small business grants are available in the form of a direct grant. Direct grants are where a business grant is awarded to give financial support for costs involved in setting up or growing a business.
There is a broad range of business grants provided for things like buying equipment, training, expanding into new markets, investment in environmental technologies such as solar panels, green energy and to implement energy saving initiatives etc.
Business grants normally have strict eligibility criteria such as:
Speak to the grant provider to find out what’s involved in the process and whether you’re eligible.
Some business grants offer additional funding, while others offer free equipment or discounts to help you to start or grow your business.
You will need to understand the conditions attached to the grant before you apply to ensure that your application will be successful. It is worth seeking expert advice to help you apply for the right type of funding. Speak to an accountant such as dns accountants to understand your business funding options.
Many different business grants are available in the UK. Small business grants can be obtained for both startup businesses, small businesses and more established businesses. Direct grants and government funding come in various types, each tailored to different needs and criteria. Here are some common types of grants:
1. Start-up grants: Targeted at new start up businesses, helping them to set up and support them with initial trading periods. Some examples of these are:
2. Business growth grants: Targeted at those companies looking to grow, for example through innovation, entering new markets etc. For example:
3. Sector-specific grants: Designed for businesses in particular industries, like retail, property, technology, manufacturing, or creative sectors. Examples are:
4. Regional grants: Available to businesses operating in specific local authority areas, aimed at boosting the local economy. These are generally offered by local councils or Local Enterprise Partnerships (LEPs). Examples include:
5. Resource & training grants: Offering training schemes, funding for workshops, training courses, professional qualifications, mentorships and coaching. For example:
6. Innovation and R&D: Provided for businesses focused on research, development, and innovative projects. Examples of these are:
7. Export grants: Help businesses expand into international markets. Some examples are:
8. Sustainability and green grants: Support for businesses working on environmental projects, improving energy efficiency, lowering carbon emissions, installing low energy LED lighting or working towards other sustainability goals. Some will offer funding, others may offer energy efficient free equipment. For example:
9. Job creation grants: Focused on expanding businesses and encouraging the creation of new employment opportunities, often focused on young people or sector specific job creation. Examples of these are:
10. Social enterprises & community grants: Designed for businesses that have a social or community driven mission such as community groups etc. Examples include:
11. Demographic-specific grants: Targeted at specific groups, such as young entrepreneurs, women, or minority-owned businesses. For example:
For more help and advice on financial support for your business, visit the gov.uk website here.
Each small business grant scheme is different. You will need to check with the awarding body providing the business grant on their general terms and criteria before you go through the application process.
But here are some tips to consider when applying for business grants:
Depending on the specific terms of the grant, the benefits of a business grant are:
As with all types of business finance, there can be disadvantages to this type of funding. Here are some potential disadvantages of trying to secure grant funding.
For small businesses, a business grant is not the only potential source to raise money. If you or your business do not fit the eligibility criteria for a business grant then there are many alternative sources of financial support for UK businesses including:
As with business grants, business loans and other forms of finance will require a sound business plan and if you are an established business, they may require bank statements and accounts in order to secure the finance you require, so preparation is key before applying.
Small businesses in the UK have a wide variety of government funding and government grants available to them.
Most grants have strict criteria in order to secure the grant, so check your eligibility before you apply. Also, before applying. you should have a clear business plan and marketing strategy for your business to help you to make a strong case to the awarding body.
You can keep a track of current, recently launched and upcoming grants via the UK government website.
Seek expert advice to assess your business needs before you decide what funding to take for your business.Call us today on 03300 886 686, or you can also e-mail us at enquiry@dnsaccountants.co.uk. for help and advice on how to fund your start up or business growth plan.
Any questions? Schedule a call with one of our experts.
Gary Zouvani I am a qualified chartered management accountant with over 25 years’ experience working in industry and accountancy practise. Currently DNS group operations director I manage over 50 employees as well as head up our accountancy franchise proposition.
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