GOVERNMENT GRANTS FOR SMALL BUSINESSES
There are numerous government business grants available to small businesses, startups and new ventures. However, securing the funding can be tricky and challenging due to the specific criteria that each grant will require, as well as the complex processes and stages, which would need to be fulfilled. CapEx Associates’ experts have years of experience with applying for government funding and grants on behalf of businesses and will be able to assist you throughout the whole process – from finding grants your business will be eligible for, to submitting your final application.
WHAT TYPE OF GOVERNMENT GRANTS ARE AVAILABLE FOR SMALL BUSINESSES?
There is a wide range of government grants for startup businesses available, including reduced costs on-premises hire and rates, free equipment and cash awards. In general, government business funding is made available through direct grants. There are over 200 types of small business grants backed by the government.
Direct Grants
These are start-up business grants, which aim to help with costs associated with training, equipment or reaching out to new markets. Most grants will expect the business to be able to provide up to 50% of the value of the grant.
Regional Growth Fund
For small businesses looking for funding of under 1 million, the Regional Growth Fund can provide the desired financial support. RFG programmes are run by specially authorised organisations, and each has specific criteria that need to be met to receive funding. CapEx Associates have specialists, which can help your business apply for suitable RGF grants.
Grants for Young People
These grants are available for young entrepreneurs to aid them in launching their own businesses. The Prince’s Trust programme is set up specifically for 18-30-year-olds living in the UK, offering access to mentoring, support and low-interest start-up business loans.
Start Up Grants for Unemployed People
The New Enterprise Allowance scheme is a government grant for startup businesses. It is available to entrepreneurs who are facing current financial challenges and are in receipt of Universal Credit, Jobseeker’s Allowance or Employment and Support Allowance. Individuals who receive Income Support and are classified as lone parents, sick or disabled will also be eligible for the specific funding.
Resource and training grants
The UK government has introduced a number of business training grants for small businesses, including Innovation Vouchers and the National Apprenticeship Service. Although these grants offer smaller funding opportunities, they are aimed at helping businesses upskill their workers and develop beyond the start up stage.
Where can you find what government grants are available?
You can find available government grants for small businesses via the official government website, as well as through the Scottish Parliament or the Welsh or Northern Ireland Assemblies. For UK business grants, browse the Government's Business Finance Support Finder. CapEx Associates can save you precious time, and select the right grants for your business.
How to Apply for Government Grants
Government funding for small businesses is widely available, yet not always easy to claim, and the larger the grand your business needs, the trickier the application will be. First, you will need to find out about the different types of small business funding grants available, then get in touch with the awarding bodies, and discuss whether your company is suitable. Following that, you’ll need to prepare your application, which will usually include your detailed business plan, current and future objectives, and an explanation of how you plan to use the grant to further your business, and in some cases – the local community.
