Startup loans, which are government-backed unsecured loans used to raise money to initiate or expand businesses, and startup grants offer financial support for various business requirements.
Here are some of the presently accessible startup grants:
The Prince’s Trust
Extends grants to individuals aged 18 to 30 aspiring to establish and manage their own enterprises. This trust also supplies mentoring, training, and other valuable resources.
New Enterprise Allowance
Offers funds for initiating or advancing a business, albeit with certain conditions:
You must be 18 years or older.
Either you or your partner should be receiving Universal Credit, Job Seeker’s Allowance, or Employment and Support Allowance, or you must be a lone parent, ill, or disabled and receive Income Support.
As a component of the 2021 Autumn Budget, the Chancellor unveiled plans to inaugurate a £150 million “angel investors” fund, aimed at fostering the launch of additional startups outside of London. Further insights on angel investors can be found in our guide to locating the right investor for your business.
Grants for Young Entrepreneurs
In addition to The Prince’s Trust, various grants are accessible for individuals aged 18 to 30 who aspire to establish their own businesses, including:
Offers grant funding and support for social entrepreneurs driven by the pursuit of social change.
Facilitates access to knowledge, skills, networks, and resources to help young individuals actualize their business aspirations, foster job creation, generate sustainable income, and drive innovation.
Grants for Businesses with Apprentices
Government grant funding is available to cover apprenticeship training, assessment, and other expenses. If your business is subject to the Apprenticeship Levy, a grant is allocated for your apprenticeship training and assessment, with an additional 10% contribution from the local authority or government.
For non-Levy-paying businesses, you contribute 5% towards training and assessment costs, while the government covers the remaining 95% up to a specified funding ceiling. This payment is directed to the training provider, and you’ll arrange the direct payment of your 5% share.
Grants for Women
Recognizing the disparity in grant funding for male-owned businesses, organizations are increasingly focusing on funding women entrepreneurs, striving to level the playing field for their success. Explore our guide on grants for female entrepreneurs to discover small business grants tailored specifically to create jobs for women.
Depending on your business’s location, you might be eligible for grants or assistance linked to your region’s initiatives. Many counties allocate resources to initiatives that stimulate job growth or support graduates. Investigate whether your area offers any applicable schemes or initiatives that align with your own small business goals. For instance, Mansfield in Nottinghamshire offers specialized small business start-up grants for the region.
Your industry affiliation might entitle you to targeted support, such as grants, training, or workshop access tailored to benefit your business. For instance, specialized UK food and beverage manufacturers could secure up to 25% funding towards production costs through the FEAST2 scheme. Refer to government resources to ascertain if your sector qualifies for additional assistance.
Grants for Energy-efficient Workspaces
Government incentives and grants cater to environmentally conscious business owners focused on enhancing workplace energy efficiency and reducing carbon emissions. If a refurbishment business plan is on the horizon, opting for environmentally friendly practices could render you eligible for business funding. For instance, the government could provide up to £6,500 in support. Note that these grants might be region-specific, with some UK counties initiating projects to decarbonize their areas.
Tips for Grant Application Success
Contact the Awarding Body Before Applying: Establishing contact with the awarding body can be advantageous, especially if any issues impede your application progress. Having a point of contact familiar with your business can offer insights and guidance on the process.
Apply Early: Submit your application as soon as feasible. Early submissions encounter less competition, increasing your chances of success.
Consider a Consultant: If you lack the time to monitor upcoming grants or navigate the current landscape, a grant consultant can assist you. They possess expertise in application strategies, tracking, and communication with awarding bodies, potentially aiding in securing the required funds.
Understand Grant Objectives: Thoroughly comprehend the grant’s objectives and ascertain your business’s compatibility with its requirements. You must substantiate your need for funding, how it will be utilized, and align with the grant’s stipulations.