Grants for Small Businesses

Grants can provide vital funding for start-ups and small businesses in the UK. However, many small business owners delay the application process or don’t realise they’re eligible for financial support.

See below for 5 options for small business owners to help grow your business.

Businesses in rural areas may be eligible for vouchers towards the cost of installing new gigabit-capable connections. Vouchers are worth up to £3,500 for businesses.

Find out more about the gigabit voucher scheme and check if you’re eligible. https://gigabitvoucher.culture.gov.uk/

You can get financial help from the government to train an apprentice in your small business. The government pays 95% of the training costs, and you pay the remaining 5%.

The government website https://www.gov.uk/employing-an-apprentice has lots of information on choosing apprenticeship schemes, finding a training organisation and more details on funding.

The Seed Enterprise Investment Scheme helps you raise money for your business when you begin to trade. You can receive up to a maximum of £150,000, including state aid awarded in the three years running up to the date of investment.

There is guidance on the GOV.UK website https://www.gov.uk/guidance/venture-capital-schemes-apply-to-use-the-seed-enterprise-investment-scheme

Which explains whether you would be eligible and how the scheme works. The money you raise from the investment must be spent within 3 years of the share issue.

The Enterprise Investment Scheme is very similar to the SEIS scheme, but it is for established companies that want to raise money to support their growth.

Under this scheme, you can raise up to £5 million a year and a maximum of £12 million over the company’s lifetime. This offers tax reliefs to individual investors who buy new shares in your company. The full details can be found on the GOV.UK website, including what money raised can be used for and when it must be spent by. https://www.gov.uk/guidance/venture-capital-schemes-apply-for-the-enterprise-investment-scheme

Research and Development (R&D) tax reliefs support companies seeking to research or develop an advancement in their field, and can be claimed on projects that are unsuccessful too.

You can claim R&D tax relief if you have:

• fewer than 500 staff
• a turnover of less than €100m or a balance sheet total less than €86m

Click this link to find out if you are eligible and what you could claim: https://www.gov.uk/guidance/corporation-tax-research-and-development-rd-relief