Grants can save companies money, help them join networks, and aid their growth. Here are ten financing sources ideal for UK startups and companies seeking to boost their growth.
It’s becoming more difficult getting cash out of banks. Just 43 percent of business loans were approved in the initial quarter of 2022. This is a record low. In turbulent times like these, it’s worth looking into grants UK businesses, and startup companies of all kinds might be eligible for.
It’s worth taking a moment to review. Based on the FSB, One in five companies need to be aware of the opportunities to grow their business through growth financing they can apply for. The government in February was forced to encourage companies to use PS850m available through Covid-19 grants.
If your company is in the biotech sector, environmental sector, or is in the business of exporting, we have a list of 10 grants for businesses that can help growing companies.
A list of business grants available to help startups and grow companies
- Apprenticeship scheme
- Innovative UK Smart grants scheme
- Seed Enterprise Investment Scheme (SEIS)
- Enterprise Investment Scheme (EIS)
- Gigabit Broadband Voucher Scheme
- UK Tradeshow program
- Plug-in grant for vehicles with low emissions
- Grow Its Award
- Wrap grant schemes
- Innovative Medicines Initiative
1. Apprenticeship scheme
Apprentices are between 16 and over and combine study and work to acquire experience and understanding of the industry or job.
Employers must search for an apprenticeship scheme and locate an approved training company. You may qualify for federal government money to pay for apprenticeship education and evaluation.
2. Innovative UK Smart grants scheme
R&D startups and small-scale enterprises could be eligible for a portion of InnovateUK’s PS25m funding for innovations, which could significantly affect the UK economy.
To be eligible, the entire R&D activities must be undertaken within the UK, and the company must have a plan to commercialize the project results in the UK.
3. Seed Enterprise Investment Scheme (SEIS)
The SEIS scheme provides funding of up to PS150,000 to an enterprise based on knowledge by giving its investors tax-free relief when they invest.
To be eligible, a business must not have assets of more than PS200,000 or be staffed by more than 25 full-time employees when shares are issued.
4. Enterprise Investment Scheme (EIS)
Similar to SEIS, however, EIS has a cap on investment. EIS investment limit is PS5m for any 12 months. The business can only possess assets that total up to PS15m and must have at most 250 full-time workers when shares are issued.
5. Gigabit Broadband Voucher Scheme
To boost broadband speeds throughout the UK, The government is funding the expense of installing gigabit internet right on the premises of businesses.
Rural SMEs are eligible for up to PS3,500 in funding. They must have broadband speeds lower than 100Mbps in areas where it is implausible that an internet connection capable of gigabits will be constructed soon.
6. UK Tradeshow program
Suppose you are exporting and want to present your business at international trade shows and showcase your brand internationally. In that case, the UK Tradeshow program can reduce the expense of exhibiting successfully.
Successful applicants are provided with the necessary training to show effectively at trade fairs and the particular show they’re attending. Certain companies are given PS2,000 or PS4,000 to pay for the cost of exhibition space and stand expenses and materials for exhibitions and conference fees.
For eligibility, the company must exhibit for the first time or be attempting to enter new markets. It must also be making between PS250,000 and PS5m per year.
7. Plug-in grant to low-emission vehicles
To reduce emissions, vehicle manufacturers and dealerships have received grants for vehicles that emit less and can be used for the benefit of a company. Applying for the license is unnecessary, as dealerships will deduct it instantly upon purchase.
8. Grow Its Award
For social startups looking to grow for growth, Grow It Award is a great option. Grow It Award provides tailored assistance, access to networks and workshops, as well as up to PS15,000 in financing.
This is for companies working on social justice and are already reaching “compelling performance” through a growth strategy to expand nationally or globally.
9. Wrap grant schemes
Wrap encourages the more remarkable recycling of materials by providing loans, grants, and investments.
The organization collaborates with The Royal Foundation to run the Earth shot Prize, awarding five one million pounds each year over the following 10 years to companies that offer creative solutions to environmental problems.
10. Innovative Medicines Initiative
The Innovative Medicines Initiative aims to accelerate the development of new-generation medicines, vaccines, and treatments and improve patients’ access to these treatments.
The organisation offers funding through peer-reviewed financing opportunities for SMEs within the biotechnology sector.
