Small Business Grants For UK Businesses
Grants are the perfect gate-way for both small and established businesses to expand and get off the ground. As you don’t have to pay them back, this relieves the stress that comes with business loans where you may have a given timescale to pay back funding.
Grant schemes can help to support business growth, by aiding both your current business finance and pushing for future projects. When you start a business, you may already have specific products or services in mind that you are looking to receive a grant for.
If you are looking to apply for a business grant, there are a few steps you should take in order to make a smooth application process and have the best chance of success. In this blog, we are going to explore how you should prepare when applying for grants and scope out what is available for small businesses.
Step By Step Guide When Applying For A Small Business Grant
1. Detail Your Business Plan & Activity
There are different grants available depending on your sector and business activity. It is important to note this and detail exactly what work your business includes and the industry you are working in to receive the best grant for your needs.
Make a note of any work you have completed, or plan to, that stands out from your competitors. Maybe you are developing a product that improves current traditional uses? Or modifying a process to increase efficiency for your team? All of this is incredibly important when looking for business support.
If you have already completed unique or innovative work, detail the exact outline of the project, the solution it solves and how much was spent to complete this work.
2. Write Out How You Will Spend Your Grant Funding
Noting down how you will spend your grant is also important when applying for a grant. Both the government and private organisations will want to know how the money is being spent and whether it is worth pursuing. Submitting a proposal requires time and detail, and financial detail is needed to find the most appropriate grant for your business.
3. Find The Right Grant For Your Business
There are many different grants available under the English, Scottish and Welsh Governments. You can also go down the route of other private organisations such as The Princes Trust and Local Enterprise Partnerships.
Below is a list of grants/cash grants you may apply for from the English, Welsh and Scottish government:
- R&D Tax Credits (Research and Development)
These are rewards for businesses investing in innovative projects. This may be developing an advanced product or service for your industry, whereby you have overcome uncertainty and found a leading solution. Examples include creating new equipment, designing environmentally-friendly processes, or modifying current methods to defeat barriers.
This grant can then cover staff costs, trials, consumables and products used, and some software. Once received, you may then further invest in innovation to start a cycle in growing your business.
- Innovate UK
Innovate UK is part of the UK Research and Innovation. They provide grants, support and guidance for UK registered businesses leading innovation for the country.
- Covid-19 grants
There are various grants and funding available for small-medium sized businesses that have been impacted from Covid-19. These have been distributed throughout the UK during tackling this pandemic.
- Grants for small businesses taking on apprentices
If you have taken on apprentices at your business, you can apply for grants to help pay salaries and cover costs for these employees. This can help to reduce pressure on your business and increase spends in other important areas.
- Air quality grant schemes
Air quality grant schemes help local authorities make air quality improvements. This has awarded over £81 million in funding to a range of projects helping to make changes and cut pollution.
4. Partner With A Specialist Funding & Grant Business
At Veritas Noble we specialise in small business grants and funding and offer guidance to help grow businesses. Specifically, we are a team of R&D tax credit experts who help businesses just like yours secure government-backed funding.
We have worked with businesses across most sectors to successfully claim tax rebates for investing in innovative projects, which is often a substantial amount of money. If you are looking to apply for the R&D tax credit incentive then we can help you reach your claim. Get in touch with our friendly team today by emailing firstname.lastname@example.org and start expanding your business.