What is a business grant?

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A business grant is a financial award given to businesses to help them grow and develop. The funds can be used for various purposes like investing in new equipment, staff training, or expanding into new markets. Unlike a business loan, grants don’t need to be repaid and are typically provided by government bodies or private organisations.

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What types of grants are available for startups and small businesses in the UK?

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There are 100's of business grants across the UK, with a variety aimed at different industries, specific regions, and community groups. Here are some options for startups and small businesses:

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• Innovation Grants: Offered by bodies like Innovate UK, these grants fund groundbreaking ideas that support business growth, including research and development.

• National Lottery Heritage Fund: Provides funding for projects that help preserve and transform the UK's cultural heritage, such as museums, historic sites, and local traditions.

• R&D Tax Credits: Cash incentives provided by the government to encourage businesses to invest in research and development, particularly in the technology and science sectors.

• Local Enterprise Partnerships (LEPs): There are 38 LEPs across England, which provide funding, support, and guidance to businesses within their regions.

• New Enterprise Allowance: Designed for individuals looking to start or grow a business. Available to people receiving certain benefits like Universal Credit, Job Seeker’s Allowance, or Employment and Support Allowance.

• The Prince’s Trust: Helps young entrepreneurs aged 18-30 with funding, mentoring, and training resources to kick-start their business.

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Can I get a grant to start a business?

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Yes! While some grants target established businesses, there are plenty of grants specifically designed for startups or companies in the early stages of growth.

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Where can I find small business grants in the UK?

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The availability of grants depends on where you are based in the UK:

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• England: There are 38 regional Growth Hubs, which can provide funding and advice on improving your business within the local economy.

• Scotland: You might be eligible for funding from organisations like Scottish Enterprise or Highlands and Islands Enterprise. Check the Scottish Government’s funding page for more details.

• Wales: The Business Wales website has a finance locator tool that helps identify potential grants and provides guidance on how to apply.

• Northern Ireland: Nibusinessinfo.co.uk offers a range of information on grants and funding, including Invest NI Innovation Vouchers, which allow access to expert knowledge from universities or tech institutes for your project.

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Monetae's grant calendar: Struggling to navigate the complex grants landscape? Use Monetae's grant calendar to filter available grants by industry, region, and other criteria.

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How do I write a business grant proposal?

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When applying for a business grant, follow these key points:

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• Use plain language and avoid jargon

• Clearly outline your business goals and how the grant will help achieve them

• Make sure your proposal aligns with the grant’s requirements

• Set measurable targets to show how success will be evaluated

• Provide evidence that your team can deliver on the grant's expectations

• Ensure your budget is detailed and transparent

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Writing a grant application can be complex, so it might be worth hiring a professional to help craft your proposal. Monetae’s grant experts can support you in maximizing your chances of success.

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What makes a good grant application?

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A winning application is well-prepared and backed by a robust business plan, including clear financial projections, cash flow analysis, and performance forecasts. Tailor your plan to match the specific grant requirements, and if you’re already trading, provide supporting documents like bank statements.

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Make sure to apply early and proofread thoroughly before submission. It’s always a good idea to get feedback from a mentor or experienced colleague before sending it off.

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How do I apply for a small business grant?

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Monetae offers a comprehensive list of available grants for both new and established businesses. By registering with Monetae, you can access a wide variety of grants across sectors like technology, energy, transport, health, and many more.

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Alternatives to grant funding

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If a grant isn’t the best option for your business, you may want to consider alternatives like business loans or equity finance.

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• Business Loans: Borrow a lump sum of money, repayable over time with interest. You can typically borrow from £10,000 to £50 million depending on the lender, which could be a traditional bank, a challenger bank, or an online lender.

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• Equity Finance: Raise capital by selling shares in your company in exchange for investment. This option often suits startups or businesses that struggle to access loans but are looking for strategic investors who can contribute to business growth.