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NewslettersWhat types of small business grants are available in the UK?
Do you have big dreams but do not have the funding to match? Nothing to worry about! We have got you covered! Finding small business grants in the UK is now easier than ever. Here is everything you need to know about them.
What are small business grants?
Start-up businesses get small business grants from various government and non-profitable agencies. These are different from any financial loans because there is no need to pay them back. Any small company requires small business grants as initial investments for business growth.
The difference between small business grants and financial loans
Businesses taking finance loans need to pay back the money within an agreed timescale. But, small business grants do not have any specific payback policy. So, how do small business grants UK work? Let’s find out!
How can you apply for small business grants?
Businesses taking finance loans need to pay back the money within an agreed timescale. But, small business grants do not have any specific payback policy. So, how do small business grants UK 2024 work? Let’s find out!
- Consult with the person awarding you the grant: Understand what the person wants from you or your business.
- Business plan: Create a thorough business plan to help you get grants from investors.
- Explain your terms of usage: Be specific to explain how you will use the money you get.
- Submit early application: Like you, other businesses and entrepreneurs are applying for small business grants. Thus, it's better to apply in earnest.
Following these tips can easily help you get small business grants in the UK.
The UK government grants for small business
If you plan to apply for the UK government grants, this guide gives a complete overview of a range of all available small business grants across the UK.
- Innovate UK: This UK government grant is for businesses that aim to develop potentially strong business ideas into reality. Check out the details on the Innovate UK website.
- R&D tax reliefs: Research and Development tax reliefs support small businesses that plan to develop research-based advancements in their fields. Find out more about R&D tax reliefs.
You can apply to any of these two main government-funded small business grants UK 2024.
Grants for young entrepreneurs with no source of income
Young entrepreneurs across the UK, dreaming of establishing a successful business, should look for these types of grants. Here are the details-
- Business Growth Grant across the UK: There are various location-based grant schemes across the UK, such as:
Business Growth Grant Leicestershire
Business Growth Grant Scheme Mansfield
Business Grants and funding Scotland
You can select any business growth grant scheme based on your area of operation and apply online. Don’t forget to check the eligibility before applying.
- New Enterprise Allowance: As the name suggests, the New Enterprise Allowance is for young entrepreneurs who plan to start their businesses. Get the funding through this scheme if you are older than 18 and have an amazing business idea.
- Universal Credit: This is a great scheme for job seekers and entrepreneurs with no source of income. This support allowance covers living expenses. You can avail of the funding every month by applying at Universal Credit.
No matter what business idea you have, it’s time to make that happen. Avail small business grants UK 2024 to start your own business.
Grants to support the growth of small businesses
Turing a start-up into a growing business isn't easy. Small start-up owners often cannot expand their business due to the lack of funding. Here are the best small business grants UK 2024 for small business growth.
- Grants for apprentices in small businesses: You can avail financial help from the UK government to train your apprentices. The scheme states that you don’t have to pay the apprenticeship levy with less than £3 million yearly income. The UK government pays 95% share directly as per the payment schedule of the employing an apprentice scheme.
- Grants for installing business equipment: Businesses operating in rural areas can get vouchers for the cost of equipment installation. The vouchers are worth the value of £3,500 for small businesses. You can check your eligibility at Gigabit Voucher Scheme.
- Grants for air quality improvement: The government of the UK gives this funding to the local authorities planning to create clean air zones in England. You can avail of the air quality grant scheme funding if your business is working on air quality improvement.
Any restrictions for small business grants funding?
As mentioned above, different small business grants UK 2024 have different requirements. For example, some grants are for specific regions across the UK. Some are for small business owners to grow their business. So, you should apply for grant funding that suits your business requirements.
Conclusion
Many small business grants UK 2024 are open to apply, but only those that match your requirements. Ensure your business is edible for the scheme and follow The application process varies depending on what type of grant you’re applying for. However, here are the general tips for applying for small business grants in the UK:
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