Grants and loans can give essential support to small businesses in the UK. However, finding
them can take a fair bit of examination. Many small business owners don’t even realise that
they qualify for financial support. It is useful to discover the options you have, as applying
for a grant can take as little as two minutes and can provide you with vital financial
assistance for your small business.
Eligibility is down to a wide range of factors, though it is certainly possible to find sources of
funding that don’t have to be paid back. So what’s stopping you? In this article, we’ll take a
look at the small business grants that are available, as well as what one could be right for
you.
The Difference Between A Small Business Grant And A Loan
A small business loan must be paid back in the agreed timeframe. Unlike a small business
grant, which you aren’t expected to pay back. Some grants will be provided if you invest the
same amount into your business. For example, if you’re offered a £15,000 grant, you’ll also
need to have £15,000 to invest in the business.
How Can I Apply For A Small Business Grant?
The application procedure will differ depending on what grant you are applying for. Here are some tips to help get you started.
Communicate with the people awarding the grant – this way you can discover what they are looking for and therefore adapt your application so it includes the necessary objectives.
Explain how you are planning to use the money – this will be your opportunity to show them how their funding will help to expand your business.
Apply as early as possible – some grants are only available for a limited amount of time, so it’s important to submit your application as soon as you can.
Grants For Small Businesses
Research and Development tax reliefs – this is when companies are able to claim tax relief if they take part in a research or development project. If your company decides to carry out an R&D project, this could dramatically reduce your corporation tax bill.
Grow It – this is for social entrepreneurs who work on projects that are aimed to support the local community. As well as offering expert guidance, the Grow It scheme can provide you with funding up to £15,000.
Innovate UK – this is a national innovation agency that aims to ‘realise the potential of new businesses and ideas and support business-led innovation in all sectors.’ Throughout each year, they offer various funding opportunities. On their website, they provide a list of opportunities that are currently open or will soon be open.
Gigabit Broadband Voucher Scheme – if your small business is based in a rural area, this grant might be the one for you. The Government is providing up to £3,500 for businesses to cover gigabit broadband costs for people that are experiencing slow broadband in rural areas.
Arts Council National Lottery Project Grants – the Arts Council is providing much-needed support to organisations that are based on creative products such as arts and culture. The grants they provide range from £1,000 to £100,000.
How could an accountant help me receive a grant?
Having assistance from a financial specialist such as an accountant can help you identify the
right grant for you, and it could also boost your chances for approval. If you were interested
in a loan, an accountant could advise you on the best option for you and will be able to
decide your repayment capabilities.
Thank you for reading
Thank you for reading this article and we hope you have found it informative. If you are
considering creating your own small business – congratulations! We wish you the best of
luck in your business venture. For more enlightening articles, please take a look at the other
articles on our site that we have to offer.
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