New and developing businesses all over the UK have access to small business grants which are one of the best sources of funding available. These grants can really help businesses and give them some extra capital to grow their business, so in this blog we’re going to be looking at what grants are available to small businesses in the UK.
Most business grants are funded by national, local and European government and seek to empower small and medium business to grow and develop the economy. These grants can range anywhere from £500 to £500,000 but each come with their own specific criteria and typically become more complex when more funding is up for grabs.
Prince’s Trust Grants
This grant is great for young aspiring entrepreneurs. The Prince’s Trust Grants have been supporting people ages 18-30 to create and grow their own business and previous funding has ranged from £1,500 to £3,000 and also includes a mentor.
They offer a free Enterprise programme nationwide and can take your business from an idea to reality. The course comprises of 4 stages and can be attended at a local centre or online to suit your schedule.
The Prince’s Countryside Fund
The Prince’s Countryside Fund was set up to support rural communities in the UK and fund projects that have a long-term positive impact in assisting entrepreneurs, working and living in the British countryside.
It has grants of up to £50,000 available however, it is currently closed for 2019 as they review the grants already awarded; their revised strategy will be launched in January 2020 to accompany a reopening of the grant programme.
Gigabit Broadband Voucher Scheme
The Department for Digital, Culture, Media and Sport launched this scheme to encourage business owners with brick and mortar stores to upgrade their broadband connections to achieve their vision of a full-fibre Britain.
The Gigabit vouchers can be used by small businesses and local communities and claim up to £2,500 against the cost of connection. Local residents can also benefit with a voucher worth £500 as part of a group project. Premises in harder to reach places may also be eligible for additional funding.
Plus-in Van Grant
With the Government’s push to electric transportation, the Plug-in Van Grant scheme offers business owners of N2 and N3 class vehicles 20% off the initial purchase price. Both business and private consumers can receive this discount and only eligible vans that meet the performance criteria can be purchased with this grant.
This grant was designed to support unemployed people and help them to become self-employed to run their own business. If you’re currently 18+ and receive Universal Credit, Jobseekers Allowance or Support Allowance that you could receive mentoring to help you start your own business. This grant can include a weekly allowance of up to £1,274 over 26 weeks and you’ll be able to apply for a loan to help with start-up costs.
Enterprise Investment Scheme
If your business is in it’s mid to later stages then the EIS scheme could help grow your business further. As a tax relief scheme, if approved you could get a large amount of funding in tax benefits.
You can raise up to £5 million each year by offering tax relief to individual investors who buy new shares in your company, but only a maximum of £12 million in your company’s lifetime. This can be anywhere up to 30% back in tax investments and investors can also defer capital gains tax on such shares.
Patent Box Relief
This tax relief scheme allows profitable startup and small businesses to commercialise their patents in the UK and can help to almost halve their Corporation Tax bill. Its aim is to boost economic growth but only companies liable to Corporation Tax and those making profit are eligible.
This includes generating profit through selling the patented product, licensing out your patent rights to third parties, selling your patent rights, and any income derived from other infringing on your patent.
Grow It Awards
The Grow It Awards are available to social entrepreneurs who are focused on growing their business, looking for tailored support and further funding. You can receive up to £15,000, 12 months worth of mentoring and expert advice including access to workshops and masterclasses.
Your business will have to have a business model that supports a resolution to a social issue, you also deliver local, regional or national impact and you are committed and have a realistic growth plan.
Business Rates Relief
A business may be eligible for discounts from their local council in the form of business rates relief. With many core types of business rates relief including small business rates relief, hardship relief, enterprise zone relief, charitable relief and rural rate relief – up to 100% of business rates payable can be deducted.
Boost Business Lancashire
EKM is based in Preston, Lancashire, which means including a few local grants makes sense. Boost Business Lancashire are dedicated to helping businesses in Lancashire grow. They have helped over 5,000 businesses to date, created 2,200+ jobs and helped contribute to £74m+ in economic growth.
They have a range of support for businesses in Lancashire to choose from including; accelerating the growth of your business, access to finance, apprenticeships and business relationship management to name a few.
The John Cracknell Youth Enterprise Bank supports young people under the age of 21 within the Hull, East Riding and the towns of Malton, Norton on Derwent, Pickering in Ryedale and the town of Scarborough. It offers them up to £1,000 to help turn an idea into a reality.
As well as financial help, the Youth Enterprise Bank can also offer practical help with developing a business idea and over 450 people have benefited from this funding.
If you’d like to learn more about setting up your own online shop, read on for more insights into running your own online business here.