If you are a start-up company, it can be difficult to maintain your funds throughout the year to make sure that your business can experience continuous growth.
When you first begin your business, don’t just undertake the challenge of growing your company on your own. Instead, you can look to the UK Government or other sources to help you obtain a small business grant.
Grants like those detailed below are available for all UK businesses to help them expand. Now, the pandemic has made it difficult for brands to grow. This is why you should take a look at the grants that are currently on offer.
Here are five business grants that you should consider before you start your company, or even in the early stages of your business’s growth.
- The Prince’s Trust Enterprise Programme
When you enter the world of business for the first time, you may not have a lot of money to spend on growing it. As a result, you may try to split as many costs as you can to protect your brand. That way, over time, you will be able to spend more when you start bringing in more income.
It can be difficult to get your business off the ground at the very start of your business journey. That’s why, if you are aged between 16 – 30 years old and are a UK citizen, you could use The Prince’s Trust Enterprise Programme to raise funding for your business.
Right now, The Prince’s Trust Enterprise Programme offers a grant between £175-£250 for young entrepreneurs. It can also be put towards accessing different types of training courses. In addition to this, you can also use it to:
- Buy tools, uniforms and equipment
- Pay off a job licence fee
- Pay off course fees up to Level 3 (a.k.a. A-levels)
- Use transport until you receive your first payslip
Keep in mind that if you intend to apply for this type of business grant, you will need to be unemployed/working less than 16 hours every week or studying less than around 14 hours every week. Although you cannot use the money to pay for any living expenses or any qualifications over Level 4, it is extremely useful to get started within the world of business.
- Innovate UK
Innovate UK is a grant available several times throughout the year. It focuses on businesses that have fresh and inventive ideas to help expand the UK’s economy.
Innovate UK has a wide variety of opportunities available for different businesses that can research and provide exciting ideas for growth. Research topics could include cleaner energy resources, material fusion and creative technology. It is available for large and small businesses alike.
- Gigabit Broadband Voucher Scheme
Honestly, one of the biggest costs that a small business is going to experience may be for data and broadband. You are going to need the Internet and a phone system to keep in contact with your clients. So, you may ultimately need to install a secure broadband connection.
If you apply for the Gigabit Broadband Voucher scheme, you may be able to claim around £3,500. However, you will need to use a postcode checker to see if you are eligible for the scheme.
- Seed Enterprise Investment Scheme (SEIS)
Another small business grant that can help you get started with your company is SEIS through fund-raising. When you apply to SEIS, you will find that you could gain around £150,000, including any state aid. But keep in mind that that this must have been awarded within three years of the time of your investment.
You can use the SEIS if:
- Your company is undertaking a new qualifying trade
- You have a UK-based company
- Your company is not recognised or trading on the stock exchange
- Your company is not controlled by another company
If you are worried about whether or not you are applicable for SEIS, you can contact HMRC for help and advice. They can provide you further details on this scheme.
- Grow It Award
If the main aim of your company is to solve a social issue, you could apply for the Grow It Award to be rewarded around £15,000. Not only that but this grant can put you in contact with a mentor, as well as a network of entrepreneurs to help you grow your brand. That way, you can focus on your work to make the world a better place.
In order to maintain your funds each year so that you are able to reinvest back into your business learn more about money saving tips for small business owners.