Are you on the lookout for funding for your fledgling company? The following UK small business grants can provide a helping hand to give you a push in the right direction in 2023.
These allowances are available to small to medium enterprises (SMEs) either with a turnover below £45,000, less than 250 employees, or within a particular local authority. Specified grants can also be combined with other funding types, including crowdfunding, banks, and grant makers.
Find the best grants for you and propel your business to the next level.
1. The Prince’s Trust
The Prince’s Trust offers a popular Enterprise Programme that provides training and mentoring to help 18-30 year-olds set up their businesses.
The free programme also gives young entrepreneurs the chance to apply for low-interest personal loans for business purposes between £500 and £25,000. All loans are offered at a rate of 6.2% APR and are in conjunction with the Start Up Loans Company.
2. The Prince’s Countryside Fund
The Prince’s Countryside Fund in partnership with Forest Holidays offers £5,000 for rural start-up companies. In addition to the grant, they mentor successful applicants.
The closing date for this year’s applications is midday on 25th October 2021, so it’s very close. If you miss the deadline, keep an eye on the website for 2022 applications.
3. Innovate UK Smart Grants Programme
Innovate UK is part of UK Research and Innovation. The smart grants programme invests up to £25 million in the “best game-changing, innovative, or disruptive ideas with a view to commercialisation.”
For those imaginative entrepreneurs looking to apply for this grant, note that your proposals must be business-focused. The competition closes on Wednesday 5th January 2022.
4. Seed Enterprise Investment Scheme (SEIS)
SEIS helps small companies raise money when they start to trade. The scheme offers tax reliefs to individual investors who purchase shares in your new business.
A maximum of £150,000 can be received through the investments. However, there are certain rules that must be followed in order for your investors to claim and keep SEIS tax reliefs in association with their shares.
5. Grow It Award – UnLtd
This grant is aimed at social entrepreneurs looking to make a positive impact on society. With up to £15,000 available, the money is provided to help you grow your project/business.
As it is more of a social grant, those awarded the funds typically use it towards improving the quality of life for either the community as a whole or for certain demographics, such as vulnerable people or the elderly.
6. Business Rates Relief
Small companies can sometimes qualify for business rates relief through their local council. Entrepreneurs can receive a business premises discount with a rateable value below £15,000.
If your business runs from a single property you may also be eligible for this discount. To find out if you qualify, head to the government website or contact your local council.
7. £10,000 Grants for Ethnically Diverse Small Businesses
The Back2Business campaign has been launched by Fiserv, which includes a £10,000 grant for ethnically diverse SMEs. Entrepreneurs who receive the funding will have access to local support, networking, and resources from community partners. These include the London Chamber of Commerce and Industry and Black Business and Asian Business Associations.
The business must be majority-owned by an entrepreneur from a diverse ethnic background, been in business since January 2020 and have 15 employees or less. Applications close on the 31st December 2021.
8. New Enterprise Allowance
This grant is for those who are unemployed but want to start their own business. Your Jobcentre Work Coach will be able to find out if you’re eligible, which could lead to a weekly allowance of up to £1,274 for 26 weeks, and a mentor.
You can also qualify if you’re on Universal Credit and are self-employed. However, you won’t be able to receive the weekly allowance.
9. Self-Employment Income Support Scheme (SEISS)
This grant is available to those who are self-employed or a member of a partnership. The scheme requires you to have traded in the tax years 2018-2019 and 2019-2020.
Applicants must also be currently trading and impacted negatively by the COVID-19 pandemic. Businesses must also declare that they intend to continue to trade and genuinely believe their trading profits are reduced due to the pandemic.
10. Government Apprenticeships
Apprenticeship information can be found on the government’s website, along with how to register and use the apprenticeship service. Be aware that the sites differ slightly depending on your geographical location. There are sites for England, Northern Ireland, Scotland, and Wales.
Which 2021 UK small business grants will you choose?
Receiving a small business grant can be instrumental in the success of a new company, providing support when you need it the most. These UK grants are there for entrepreneurs who are ready to see their small businesses thrive in 2021 and beyond.
At Massive Startup we offer Business Starter Packs that further increase your chances of business success. We provide everything you need from a professionally created website to mentoring through our Initial Consultancy service.
Find out more about our Business Starter Packs, or email us today to discuss how to start a business from scratch: start@massivestartup.co.uk
