Startup & Small Business Grants: Easy Tips for Applying

Startup & Small Business Grants: Easy Tips for Applying

As an entrepreneur, you know that starting and running a small business comes with its own set of challenges. One major challenge is securing funding to get your business off the ground. Luckily, there are various grants available for startups and small businesses in the UK. UK small business grants provide financial assistance to small businesses with the aim of encouraging growth and innovation in various industries.

In this blog, we will discuss everything you need to know about small business grants, including how to apply for them.

Where to Find Government Grants for Small Business?

The UK government provides different types of grants for small businesses. The best place to start is the government’s Business Finance Support Finder, which provides a comprehensive list of all available grants based on your business type and location. Other sources include local councils and non-governmental organizations (NGOs) that offer specific grants for businesses in their area.

Some examples of UK small business grants include the Enterprise Development Programme, which provides grants and business support to startups and businesses in rural areas, and the Growth Programme, which offers grants for businesses looking to grow and create new jobs.

Following are some of the best sources for grants for small business in UK:

  • Business is GREAT : A website that offers information on various UK business grants and how to apply for them.

What Type of New Business Grants Are Available?

Small business grants UK small businesses are various forms of finance options available to new startups. Grants are often the most sought-after type of financing because they do not require repayment. Therefore, it is essential for entrepreneurs to be well-informed about grants and their availability.

These grants can differ based on factors such as geographical location, industry sector, business size, and more. While some grants are offered by the government, others are provided by private organizations or non-profit institutions. The key is to do thorough research and identify the grants that best suit your business needs and qualifications.

The following are the different types of small business grants available in the UK:

I. Government grants

The UK government offers a range of grants to support small businesses across various industries. These grants are often targeted towards specific groups, such as women, young entrepreneurs, or minority groups. Some examples of government grants include:

  • Start-Up Loans: A government-funded initiative that provides loans and mentorship to new businesses.
  • Innovate UK grants: Offered to businesses with innovative ideas in science and technology.
  • Regional Growth Fund: Provides financial support to projects that aim to create jobs and boost economic growth in specific regions.

II. Private sector grants

Private organizations also offer small business grants to support entrepreneurs. These grants may be industry-specific, such as agriculture or manufacturing, or based on specific criteria, such as social impact. Some examples of private-sector grants include:

  • The Prince’s Countryside Fund: Provides grants to rural businesses and projects that support the countryside.
  • Santander Universities SME Internship Programme: Offers funding for small businesses to hire interns from partner universities.

III. Non-profit grants

Non-profit organizations also offer grants to support small businesses and entrepreneurs. These grants may have a specific focus, such as sustainability or social enterprise. Some examples of non-profit grants include:

  • UnLtd: Offers funding and support to social entrepreneurs with innovative ideas.
  • The Prince’s Trust Enterprise Programme: Provides financial support, mentorship, and training to young entrepreneurs aged 18-30.

How Do I Apply for a Government Business Grant?

Applying for a government business grant can be a lengthy and competitive process. However, with the right approach and preparation, you can increase your chances of success. Here are some tips to keep in mind when applying for government grants:

  1. Know the eligibility criteria: Before starting your application, make sure you meet all the requirements set by the grant provider. This includes factors such as business size, industry sector, and geographical location.
  2. Research the grant thoroughly: Familiarize yourself with the grant’s objectives, eligibility criteria, and application process. This will help you determine if it is a good fit for your business.
  3. Prepare all necessary documents: Make sure you have all required documents ready before starting your application. These may include financial statements, business plans, and personal identification documents.
  4. Show a strong business plan: A well-thought-out and detailed business plan can greatly improve your chances of securing a grant. Make sure to clearly outline your business goals, objectives, and how the grant money will be used.
  5. Highlight any awards or recognition: If your business has received any awards or recognition in the past, be sure to mention them in your application. This can show that your business has potential and is worthy of receiving a grant.

6. Be persistent: It’s common for grant applications to go through multiple rounds of review before being approved or rejected. Don’t give up if you are initially unsuccessful, and use any feedback provided to improve your application for future opportunities.

Tips for Applying​ for Private Sector and Non-profit Grants

Small business grants are an excellent way for entrepreneurs and small business owners to secure the necessary funding to start or grow their businesses. These grants, offered by both private sector organisations and non-profit institutions, provide a financial boost to businesses that may not have access to traditional sources of financing.

However, the application process for these grants can be competitive and time-consuming, requiring a well-crafted strategy and approach. In this article, we will discuss some tips that can help you increase your chances of getting approved for a small business grant.

Know Your Eligibility Criteria​:

Before applying for any small business grant, it is crucial to understand the eligibility criteria set by the organisation or institution offering the grant. Each grant may have different requirements, such as location, business sector, or type of project. Make sure to read through the eligibility criteria thoroughly and only apply for grants that your business is eligible for.

Develop a Solid Business Plan​:

Having a comprehensive business plan is essential for any entrepreneur or small business owner, and it becomes even more critical when applying for grants. A well-designed business plan will showcase your vision, objectives, and how you plan to achieve them. It will also demonstrate your financial projections, market analysis, and potential for growth.

Emphasise the Impact on the Community​:

Many private sector organisations and non-profit institutions offering small business grants have a strong focus on community impact. When applying for these grants, highlight how your business will positively contribute to the community in terms of job creation, economic growth, or social initiatives. This can make your application stand out and increase your chances of success.

Network and Build Relationships​:

Networking is a vital aspect of securing small business grants. Attend events and conferences related to your industry and connect with potential grantors. Building relationships with key individuals in these organisations can give you insider knowledge about upcoming grants and also make your application more personal and memorable.

Follow the Guidelines​:

It may seem obvious, but many grant applications get rejected because they do not follow the guidelines provided by the organisation. Make sure to carefully read and understand all instructions and requirements before submitting your application. This includes formatting, word count, and any specific documents or information that needs to be included.

Small Business Grants UK 2023 & How Excel Accounting and Taxation Can Help

Excel Accounting and Taxation is a leading UK accounting firm that helps small businesses and entrepreneurs with their financial needs. Our team of experienced accountants can assist you in applying for small business grants by providing expert advice, reviewing your application, and ensuring it meets all the necessary requirements.

We understand the challenges faced by small businesses in securing funding, which is why we are committed to helping our clients access opportunities such as government grants. Small business grants in London are a valuable resource for businesses looking to grow and make a positive impact, and we are here to support you every step of the way.

Contact us & Achieve Financial Success

Latest Business Funding Grants for Small Businesses in the UK​

Here are some of the latest small business grants currently available for entrepreneurs and small business owners in the UK:

  • The Prince’s Trust Enterprise Programme: This programme offers financial support, mentorship, and training to young entrepreneurs aged 18-30.
  • Innovate UK Smart Grants: These grants are targeted towards innovative businesses looking to develop new products or services.
  • British Business Bank Start-Up Loans: This scheme provides loans of up to £25,000 for new businesses just starting out.
  • Government apprenticeship: This programme offers to fund for businesses to hire and train apprentices.
  • Community Business Bright Ideas Fund: This fund provides grants of up to £15,000 for community-based businesses that are making a positive social impact.
  • Gigabit Broadband Voucher: Businesses in rural areas can apply for this voucher to help cover the costs of installing gigabit-capable internet.

These are just a few examples of the many small business grants available in the UK. It’s essential to regularly search and stay updated on the latest funding opportunities that may be relevant to your business. Excel Accounting and Taxation can also assist you in finding and applying for these grants.

Conclusion

Small business grants are a valuable resource for entrepreneurs and small business owners looking to start or grow their businesses. By following these tips and utilising the resources available, you can increase your chances of securing a grant that can provide the necessary financial boost to take your business to the next level. Remember to thoroughly research each opportunity, follow guidelines carefully, and showcase the positive impact your business will have on the community. With determination and a well-crafted strategy, you can make your small business grant dreams a reality.

Support Centre Contact Details

Our customer care team at Evirtual Accountants will respond to your queries as soon as possible. We aim to provide you with the best possible service and look forward to hearing from you soon.

  • Head Office: +44 1217 835392 
  • Email: office@evirtualaccountants.co.uk 
  • Address: 862-864 Washwood Heath Rd, Ward End, Birmingham, B8 2NG
  • Opening times: 9:00 am – 5:30 pm, Monday to Friday. 

Secure Your Financial Future 

Get the Professional Accounting & Tax Management Services
Book An Appointment