Free Business Grants
Grants and funding when starting a business can be of huge help. Knowing you have the resources available via a cash grant can help you develop your company in many different ways. At
Are Small Business Grants Free?
Unlike a business loan; a small business grant doesn’t need to be repaid. While there are over 200 cash grants in the UK you can apply for both as a new or established business, the grant application process for receiving your business support can be lengthy and complicated as you will need to meet strict criteria.
Grants and funding are awarded to small businesses to help them in many different ways. As long as you meet the criteria and are careful about how the money is invested in products or services, this is free money for your company. While some types of business might be subjected to restrictions, such as needing to invest a sum matching the grant, any grant funding you receive won’t need to be repaid. The financing will be in good supply once you are accepted, with no need to repay it.
What Free Grants Are Available?
With over 200 grants for various types of businesses in the UK, you will be best looking at the Government’s business finance finder and regional funding portals to find the right grant for your company. However, the following are grant schemes are a great places to start;
Innovation grants: support innovative business ideas and growth.
The National Lottery Heritage Fund: grants for preserving and transforming the UK’s cultural heritage. Museums, parks, historic sites, and other cultural landmarks can benefit from this investment.
R&D tax credits: cash payments from the government for research and development projects related to science or technology.
Local Enterprise Partnerships (LEPs): LEPs are voluntary partnerships between local authorities and local businesses providing funding, support and guidance in their local areas.
The Prince’s Trust: available for people aged 18 to 30 who want to start and run their businesses. As well as providing funding and resources, the Prince’s Trust also provides training and mentoring.
Can I Claim R&D Tax Credits & A Grant?
To encourage businesses to perform R&D, the government provides cash incentives. HMRC’s definition of R&D projects is broad and encompasses investments in IT systems, data, cloud computing, and research and technology. If you are applying for a free grant, or already receiving research and development tax credits, then it is likely you fit the criteria for the other.
The excellent news is that you can apply for grants and still receive r&d tax credits. However, it is essential that you assess your finances carefully before the application process, as receiving a grant can impact how much tax relief you are entitled to.
How Can I Apply For Grants And Funding?
The best way to maximise your chances of success for business funding via a grant is to make sure you have a good business plan and research the grant you are applying for thoroughly. This will enable you to tailor our application to meet the requirements and prove that you are eligible to receive the funding and how this will be spent should you be awarded.
Make contact with the grant board and put your application in early to avoid funds running out and be prepared for a lengthy process.