For start-up businesses, it can be a huge challenge to gather the funds needed to innovate and grow during your early years, especially during difficult financial times.
Small businesses often have small budgets to match, so when it comes to investing in everything from sales and marketing to staffing, every penny counts.
Thankfully, there is a good selection of grants available in the UK to help businesses like yours not only stay afloat, but achieve your goals for growth.
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Innovate UK
Innovate UK is part of UK Research and Innovation, a scheme that supports business-led innovation in all sectors across the UK. This national innovation agency helps ambitious companies with their research and development goals, specifically those that have potential for significant impact on the UK economy. Through the development of new products, processes and services, the agency encourages the growth of agile companies that are bringing new and exciting technologies to the UK market.
Funding rounds open at various points within the year and are open to any business, no matter its size.
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The Prince’s Trust Enterprise Programme
The Prince’s Trust offers this exciting programme for new businesses or those that are looking to explore novel ideas. The Trust provides training and mentoring along with financial support to deliver local workshops and information sessions that help businesses build on their ideas and ultimately plan a successful launch.
This programme is only open to UK citizens between the ages of 16-30. Grants of between £175 and £250 are available for eligible applicants. You will need to be working less than 16 hours a week (or unemployed) or studying for less than 14 hours a week.
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Seed Enterprise Investment Scheme (SEIS)
SEIS is aimed at companies that are looking to raise money, helping them to get up to £150,000 including state aid awarded in the three years running up to the date of the investment.
One of the most popular government-backed schemes available, SEIS was designed to boost economic growth by promoting new enterprises and entrepreneurships. It’s also a tax efficient benefit for your investors as they can offset the tax relief against income tax for the previous year, effectively lowering the rate in the current year.
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Gigabit Broadband Voucher Scheme
The Gigabit Broadband Voucher Scheme was created by the UK government to provide up to £210m worth of voucher funding for people who are experiencing slow broadband in rural areas.
The vouchers are available for both homes (up to £1,500) and businesses (up to £3,500) to help cover the cost of installing gigabit broadband.
You can find out if you’re eligible by using the postcode checker on the scheme’s website.
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UK Trade Show Programme
If your business is currently exporting, you can apply for support from the UK Trade Show Programme to either exhibit or attend approved overseas trade shows and conferences, or receive grants to cover some of the associated costs.
You can also apply if you’re thinking about exporting but aren’t quite sure yet. Successful applicants will receive training on how to successfully exhibit at trade shows, and specifically the event or events they have applied for.
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Grow it Award
The Grow it Award is aimed at entrepreneurs who are trying to solve social issues. You can apply for up to £15,000 to help you build your business and conduct the required research and development. You will also receive a support package that consists of one-to-one coaching, training, mentoring and access to valuable networks.
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Research & Development Tax Credits
Although they are not considered a grant as such, R&D tax credits are available to businesses that invest in innovation within their business, giving them the opportunity to receive either a reduction in corporation tax or a cash repayment.
This type of tax relief can also be claimed for unsuccessful projects, as long as the activity that was carried out in your R&D project is considered eligible.
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British Council Grants
British Council Grants offer funding for research, travel and workshops through Going Global Partnerships. These grants can be applied for collaboratively for projects with universities, colleges, education policy makers and other partners throughout the UK and globally. A list of the current grants available can be found on the British Council Grants website.
Whether you choose to speak with a business plan consultant, or apply for grant funding yourself, it’s important to carry out a good amount of research in advance to ensure you are applying for the grants that suit your company’s needs and circumstances. Many funding opportunities can be based on location or sector, or target specific growth activities such as job creation or innovative development.
You can sometimes combine your grant funding with other forms of financing, such as bank loans or crowdfunding platforms. Be sure to speak to a financial advisor before making any decisions, or contact the team here at Dartcell for further guidance.
For more information on how we can help your business, please get in touch. You can also take a look at our case studies to find out how we’ve helped businesses like yours to succeed.