There are several thousand different grant schemes available to small and startup businesses in the UK looking to get off the ground.
When you start a business, surviving that first year is important. With a lot of money spent to get off the ground, for some businesses it leaves them in danger of folding before they’ve even got started. That is why the UK government and more offer free business funding opportunities in the form of new business grants.
The expert business grant consultants at CapEx will guide you through the application process, if you’re eligible, to ensure you get the funding you need to get your business going.
What Are Business Grants?
A business grant is a sum of money given to a business to help further the company. Governments, foundations, corporations or trusts offer grants to help small businesses and startups, which also helps the economy.
Ranging from cash awards to tax reliefs, a government small business funding grant are one of the following:
Equity finance - early businesses and start-ups get reductions on income tax and investments if under two years old and fewer than 25 employees.
Direct grants - this is money given to support start-up essentials such as equipment and staff training.
Soft loan - these are usually government-backed loans that offer generous repayment terms that are more generous than high street banks and building societies.
UK Business Grants Available
Alongside Stamp Duty Land Tax refunds and R&D tax credits, many businesses are unware of the pots of money available to them. With government business grants helping small to medium-sized companies through the key stages of startup and growth, the following are just some of the grants that might be available to you:
Regional Growth Fund
If you’re a business seeking funding of under £1 million, you can get support through the Regional Growth Fund (RGF). These schemes are run by organisations that have been awarded funding to offer grants/loans to eligible businesses. To have a grant awarded, your business must be based in England, have a growth plan, create or protect jobs, and invest in private capital.
This government-funded business loan not only provides cash, but also mentoring and support for businesses/startups that have been trading for less than a year. The average loan size in this government grant is £6,000. The final figure is decided based on your business plan.
Small business grants are available from the UK government, Northern Ireland Assembly, Scottish Parliament and the Welsh Assembly. Each scheme offer has its own application process and criteria for applying.
Apply for a Business Grant
Applying for small business or start up business grants can be quite tricky, especially with all the criteria you need to match to be entitled to funding.
We understand the agenda required to access these funds and how to get you the money that is available. Often this runs into six figure sums and many business owners embark on projects using funding or company cash when there is a pot of money available to them through Grant Funding.
Get in touch with CapEx today to see if you’re eligible for a business grant and we’ll help you through the process.